Truck Repo
August 16th, 2013 by Questions
I have a 2012 Dodge Ram truck I cannot afford to drive it back and forth to work 150.00 week (110 kms) my payments are all up to date. I called the bank for a voluntary repo but was told I would still have to pay the remaining monies after they sell the truck. Question, if I stop payments and let them repo am I still liable for loan in full with interest ? I need out of this as soon as possible, please advise.
Posted from: Nova Scotia
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August 16, 2013 at 6:05 am, A licensed trustee said:
Yes – when you borrowed the money you agreed to repay it in full. You gave the bank the right to come and take your truck if you fell behind in your payments, but you were always on the hook for the full amount of the loan.
If you want to minimize the amount you have to repay then you need to sell the truck for as much as you can and use the money to pay down the loan. You will still owe the difference, but it should be a lot less than you’ll have to pay if the dealer repo’s and sells the ruck at auction.