What dealership accepts repossessions?

10

Asked by Nov 21, 2019 at 09:53 PM about the 2012 Chevrolet Volt Premium FWD

Question type: General

5 Answers

260,325

Meaning?

1 people found this helpful.
120,835

When a vehicle is repossessed the bank or finance company takes possession of it. You can make arrangements with the bank or finance company to drop the vehicle off at a local dealer. The bank or finance company will call the Dealer ahead of time and let them know you're coming to drop off the vehicle. When you get to the Dealer you will surrender the vehicle and keys. Depending on the law in your State you should remove the license plates, registration, and insurance card from the vehicle as well as any personal items you have in the vehicle. Then walk away from it. The bank or finance company will sell the vehicle at auction to the highest bidder. If they don't get enough for the vehicle at auction to pay for the remaining balance you owe you will be responsible for the remaining balance. If you don't pay the remaining balance you can and most likely will be sued by the bank or finance company. On the other hand if they get more for the vehicle than what you owe on it you will get a check for the excess money. Hope that helps! Jim

10

Meaning will they approve me to get a car with a repo?

1 people found this helpful.
260,325

Don't bet on it. This is a credit killer.

2 people found this helpful.
120,835

That depends on the lender and how long ago the repo was. Hope that helps. Jim

1 people found this helpful.

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