Question by : When does a deficiency payments start after car was repo?
The company repo my car last week and want a deficiency payment before the end of the month. My car is not gonna be auctioned till July 26 can they ask for a deficiency payment before my car is auctioned off? I thought defiecieny is what I owe after they sell it. Please help. The company also emailed my friend on Facebook telling them what I owe and they Are not on the loan.
Best answer:
Answer by someone
Yes they can ask for a payment. It is a fact the car will sell for less then you owe thus a deficiency exists.
Send them your normal monthly payment
What do you think? Answer below!
I got my car repo last year, but the weird thing is i have not gotten anything in the mail about my car. now two weeks after my car was repo(last year) they sent me a notice telling me that i was able to come and get my car, for a certain amount of money, but at the time i did not have it, so they went and auction my car. I never did find out how much my car was sold for. Anyway i have just moved about three months ago, and were i am living at now transportation is hard to get. and i now am thinking about getting another vehicle but this time something cheaper with lower monthly payments like a $9,000 or a $10,000 vehicle. now some friends or co-workers i talk to, tell me that i won`t be able to get a car especially with bad credit. others have told me they i might be able to get another vehicle because i have a steady job that i`ve been on for 4years. Not that it matters but my yearly income is $34,000, does anyone think that i would be able to be approved for a $9 or 10,000 car?
Like i am interested in a pre-owned vehicle not a new car. Like i am looking at a 2002 Nissan Maxima, `02 Infiniti I35, `01 Toyota Solara, `02 Acura RL etc. and i have seen ones for under $11,000
