High Rates And Repossession

Eric needs to cough up some serious cash to get back his repossessed car. But is it worth it?

QUESTION: Eric bought a car in 2005 with a 20% interest rate and it got repossessed. They need $2,000 to get it back. Dave tells him exactly what he would do in this situation.

ANSWER: Let them have it. You’re going to deal with the deficit when they sell it. Step up and pay cash for the deficit and settle it when they called. It will be about 6 months to a year before they do that, though.

Jump-Start Your Goals!

Jump-Start Your Goals!

Get our 8-Day JUMP START series and weekly newsletter that are packed with articles and tools to help you win with money.

Reach Your Money Goals

Reach Your Money Goals

Start with a budget. Join the millions already budgeting with EveryDollar!

Create My (FREE) Budget

Thank You!

Your 8-Day Jump Start is on its way to !