Legal Question in Credit and Debt Law in Arkansas

Re: having my car repoed what will I owe

The best way to avoid bad credit is to get the car paid off. That could be done by selling the car yourself and paying it off that way. You can turn the car back to where you got it, but if they sell it for less than what you owe right now, then you owe them the difference of what you owed and what they actually got for it when they sold it.

If you do nothing, they will be able to repossess the car. When they do that, you still owe for it, minus whatever they sell it for.

You could file bankruptcy, but that would mess up your credit.

The best, and probably only way, to avoid bad credit is to pay the car off somehow. Either sell it yourself, or you can try to set up a different payment plan to allow yourself longer to pay it off. But the co. that is financing does not have to allow this.

Re: having my car repoed what will I owe

You should either sell it yourself or think about a bankruptcy!

Dealerships with inhouse (Buy-here, pay-here) are notorious for selling high mileage bombs for high prices and then repoing them when you get a day or so behind. They wil then sell the car to their buddy down the street for $50.00 and will sue you to pay the difference between the $50.00 and the amount of your contract.

As example, you buy a car for 5000 and it gets repoed. you can expect to still be sued for 4900 and have no car to show for it.

They will garnish your bank account and your wages.