Coming After Me
My car was just repossessed. Once it sells, how long before I have to pay the difference owed to the bank?
QUESTION: Meredith had her car repossessed and is concerned about owing the difference once it sells at the auction. How much time does she have before they come asking for it?
ANSWER: The car is going to sell for below wholesale. When the bank sells it, they will want the difference from you, but they will work with you, either on payments or on settling on a lump sum. You probably have six months to a year before you’re going to hear from them.