I would think that if you have not paid for it that they can come and get it anytime they want, you did not honor the contract. Since they have charged it off they will probably sell it to a collection agency.
A lot of people assume that once a creditor lists something as a charge off then they do not have to pay. Actually once something is listed as a charge off it is worse than not being listed a t all. I would assume they will want this vehichle back so that they can sell it at an auction and recieve some of their money back. Once this happens you will be responsible for any amount they do not get at the auction. If you owe $5,000 and they sell it for $3,000...well then you will still be responsible for the remaining $2,000. Believe me I have been there when I was sold a lemmon years and years ago.
Hopefully the p;oster does. Most banks or whom ever the lender would rather work with the original person then have to go through the headaches of collection or auctioning the vehicle. Now this does depend on whether this is the first or third time they have had a repo order. If it is more than once or twice they may be tired of the hassle and find it quicker to repo and resell.
I would think that if you have not paid for it that they can come and get it anytime they want, you did not honor the contract. Since they have charged it off they will probably sell it to a collection agency.
A lot of people assume that once a creditor lists something as a charge off then they do not have to pay. Actually once something is listed as a charge off it is worse than not being listed a t all. I would assume they will want this vehichle back so that they can sell it at an auction and recieve some of their money back. Once this happens you will be responsible for any amount they do not get at the auction. If you owe $5,000 and they sell it for $3,000...well then you will still be responsible for the remaining $2,000. Believe me I have been there when I was sold a lemmon years and years ago.
yes they will repo the truck. you may be able to contact them and sit up a payment arrangements if at all possible if you want to keep it.
Hopefully the p;oster does. Most banks or whom ever the lender would rather work with the original person then have to go through the headaches of collection or auctioning the vehicle. Now this does depend on whether this is the first or third time they have had a repo order. If it is more than once or twice they may be tired of the hassle and find it quicker to repo and resell.