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My Car Was Repossessed. Should I Just Let Them Sell It? – Astrid

Written by Steve Rhode

“Dear Steve,

I recently had my car repo . Now they are charging me these crazy fees to get it back . I actually made the payment but my online banking payed it to my old car loan for my previous vehicle i was never notified my payment wasnt recieved. My payment was for two months worth. Im dont know if i should just let the car get auction.

Astrid”

tow truck

Dear Astrid,

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It depends, what do you want to do?

If you want to get the car back, can you even afford it?

If you let them sell it you will wind up with a huge bill due from the value they get for the car and the balance you owe.

In this case you’ll owe most of the loan still but have no car to show for it.

If you have other debt and the car was just repossessed, go talk to a bankruptcy attorney pronto. You might just be able to deal with your other debt and rescue the car before it is sold if that’s what you want to do.

You can click here to find a local bankruptcy attorney and talk to them for free about your specific situation. Get the facts and then you can make an informed and educated decision if bankruptcy is right for you.

Please post your responses and follow-up messages to me on this in the comments section below.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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