Car repo'd
#1
Car repo'd
Hey guys,
I need to ask a question to the ones who ever been involved in a car repo situation.
My Little sister had a 2004 Audi A4 that was on a lease. The lease was for 3 years and she gave it back to them just a little over 1 year.
She lost her job and was forced to do so.
Well anyways AUDI *I think auctioned off the A4 and said that it sold for 18500 and the pay-off amount is (If bought new) is 29300.00. So that is a difference of $10800.00 that in the letter they sent her wants her to pay the difference in 30 days. LoL!!!
Well she has no intentions to pay this difference nor does she have the money to do so.
We pulled a credit check on her and it showed a code of I-9 (code of repossession). So anyways Audi financial already messed her credit up and she is aware it will be messed up for the next 7 years. But what can she do in this situation like this? Should she tell Audi or its collectors to Fuc%-off and pay nothing and wig it out for the next 7 years? I think if she gets back on her feet w/ job, I will probably help her w/ her credit and co-sign. Hey I a big bro
Thanks all for any suggestions is crap fest like this.
I need to ask a question to the ones who ever been involved in a car repo situation.
My Little sister had a 2004 Audi A4 that was on a lease. The lease was for 3 years and she gave it back to them just a little over 1 year.
She lost her job and was forced to do so.
Well anyways AUDI *I think auctioned off the A4 and said that it sold for 18500 and the pay-off amount is (If bought new) is 29300.00. So that is a difference of $10800.00 that in the letter they sent her wants her to pay the difference in 30 days. LoL!!!
Well she has no intentions to pay this difference nor does she have the money to do so.
We pulled a credit check on her and it showed a code of I-9 (code of repossession). So anyways Audi financial already messed her credit up and she is aware it will be messed up for the next 7 years. But what can she do in this situation like this? Should she tell Audi or its collectors to Fuc%-off and pay nothing and wig it out for the next 7 years? I think if she gets back on her feet w/ job, I will probably help her w/ her credit and co-sign. Hey I a big bro
Thanks all for any suggestions is crap fest like this.
#2
dɐɹɔ ǝɥʇ ʇɐɥʍ
I think she's pretty much screwed. If you just ignore it they will take action, she was in an agreement(the lease) with Audi, she broke the contract and is subject to the terms that are in that agreement. Read your lease, I bet you'll find she signed the paperwork allowing them to do this.
#3
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Originally Posted by Shift_it
Hey guys,
I need to ask a question to the ones who ever been involved in a car repo situation.
My Little sister had a 2004 Audi A4 that was on a lease. The lease was for 3 years and she gave it back to them just a little over 1 year.
She lost her job and was forced to do so.
Well anyways AUDI *I think auctioned off the A4 and said that it sold for 18500 and the pay-off amount is (If bought new) is 29300.00. So that is a difference of $10800.00 that in the letter they sent her wants her to pay the difference in 30 days. LoL!!!
Well she has no intentions to pay this difference nor does she have the money to do so.
We pulled a credit check on her and it showed a code of I-9 (code of repossession). So anyways Audi financial already messed her credit up and she is aware it will be messed up for the next 7 years. But what can she do in this situation like this? Should she tell Audi or its collectors to Fuc%-off and pay nothing and wig it out for the next 7 years? I think if she gets back on her feet w/ job, I will probably help her w/ her credit and co-sign. Hey I a big bro
Thanks all for any suggestions is crap fest like this.
I need to ask a question to the ones who ever been involved in a car repo situation.
My Little sister had a 2004 Audi A4 that was on a lease. The lease was for 3 years and she gave it back to them just a little over 1 year.
She lost her job and was forced to do so.
Well anyways AUDI *I think auctioned off the A4 and said that it sold for 18500 and the pay-off amount is (If bought new) is 29300.00. So that is a difference of $10800.00 that in the letter they sent her wants her to pay the difference in 30 days. LoL!!!
Well she has no intentions to pay this difference nor does she have the money to do so.
We pulled a credit check on her and it showed a code of I-9 (code of repossession). So anyways Audi financial already messed her credit up and she is aware it will be messed up for the next 7 years. But what can she do in this situation like this? Should she tell Audi or its collectors to Fuc%-off and pay nothing and wig it out for the next 7 years? I think if she gets back on her feet w/ job, I will probably help her w/ her credit and co-sign. Hey I a big bro
Thanks all for any suggestions is crap fest like this.
I would tell them to fuck off.
#5
We are aware the credit will be toast. But the collect at AUDI says pay up or they will foward info to a collection agency.
What can they do? I mean they want her JEEP boombox, PnetiumII computer? She got a new job, but she has her own place apartment and 1 kid. it was either her living in the Audi w. her kid or have a real place to stay.
As for Carmax. they wanted to give 21K. Still could not make up the difference from the loan itself b/c she does not have the cash to come up with to make that difference. lol
What can they do? I mean they want her JEEP boombox, PnetiumII computer? She got a new job, but she has her own place apartment and 1 kid. it was either her living in the Audi w. her kid or have a real place to stay.
As for Carmax. they wanted to give 21K. Still could not make up the difference from the loan itself b/c she does not have the cash to come up with to make that difference. lol
#6
I
Why exactly did they sell it for only $18,500 at an auction? They could have gotten much more by selling it off their lot.
Also, why is the "payoff" for a brand new car? This car was used for a year, it should be worth much less than $29K+ It's like someone returning a car from a lease and the dealership selling that same car for the price of a new car, as if it just came off the showroom.
Then again, she probably signed something allowing them to do this.
Also, why is the "payoff" for a brand new car? This car was used for a year, it should be worth much less than $29K+ It's like someone returning a car from a lease and the dealership selling that same car for the price of a new car, as if it just came off the showroom.
Then again, she probably signed something allowing them to do this.
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#8
05/5AT/Navi/ABP/Quartz
It's called being responsible, sorry. She siged a contract saying she would honor the terms then she baled on her part of the deal (paying the lease). Damages were explained up front and she had the opportunity to read the terms and ask questions or not sign.
It is a legal document with all terms spelled out. We are all supposed to be big kids now (adults) and we can make informed intelligent decisions. It is unfortunate that your sister had some bad stuff happen but she stays on the hook for the contract. You both still have the opportunity to read it and see all the bad things the will likely happen. BTW, who do you guys think should cover the loss?
It is a legal document with all terms spelled out. We are all supposed to be big kids now (adults) and we can make informed intelligent decisions. It is unfortunate that your sister had some bad stuff happen but she stays on the hook for the contract. You both still have the opportunity to read it and see all the bad things the will likely happen. BTW, who do you guys think should cover the loss?
#9
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Jerry: So were going to make the Post Office pay for my new stereo?
Kramer: It’s a write off for them.
Jerry: How is it a write off?
Kramer: They just write it off.
Jerry: Write it off what?
Kramer: Jerry, all these big companies they write off everything!
Jerry: You don’t even know what a write off is.
Kramer: Do you?
Jerry: No. I don’t.
Kramer: But they do, and they’re the ones writing it off.
Jerry: I wish I had the last twenty seconds of my life back.
Kramer: It’s a write off for them.
Jerry: How is it a write off?
Kramer: They just write it off.
Jerry: Write it off what?
Kramer: Jerry, all these big companies they write off everything!
Jerry: You don’t even know what a write off is.
Kramer: Do you?
Jerry: No. I don’t.
Kramer: But they do, and they’re the ones writing it off.
Jerry: I wish I had the last twenty seconds of my life back.
#11
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Not sure where you're getting your facts from, but unless she files for bankruptcy, she's gonna owe that money.
You can't just say to the lender and expect it to go away. Doesn't work that way.
Might be time to talk to a lawyer who's experienced in bankruptcy and debt collection.
You can't just say to the lender and expect it to go away. Doesn't work that way.
Might be time to talk to a lawyer who's experienced in bankruptcy and debt collection.
#12
She is fucked. Stupid of her to just give the car back, should've sold it and paid off the loan. Audi does not care about her thus she got screwed. I doubt it will go away after 7 years. I have seen plenty of repos on credit reports that are old and still there. She is way behind in this game right now.
She needs to negotiate on the payoff amount and go on a payment plan, otherwise, good bye credit.
She needs to negotiate on the payoff amount and go on a payment plan, otherwise, good bye credit.
#13
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Originally Posted by FastAcura
Also, why is the "payoff" for a brand new car? This car was used for a year, it should be worth much less than $29K+
But it's nice of you to help out.
#14
I love cars!
Originally Posted by BigPimp
She is fucked. Stupid of her to just give the car back, should've sold it and paid off the loan. Audi does not care about her thus she got screwed. I doubt it will go away after 7 years. I have seen plenty of repos on credit reports that are old and still there. She is way behind in this game right now.
She needs to negotiate on the payoff amount and go on a payment plan, otherwise, good bye credit.
She needs to negotiate on the payoff amount and go on a payment plan, otherwise, good bye credit.
#15
is learning to moonwalk i
Do you know what the terms of her lease were? She shouldn't be held liable for more than her total of remaining payments would be or the buy-off amount at the time she returned the car. Of course, whatever is stated in the contract is what she is bound by.
Regardless, you (your sister) have to deal with this, as it won't just go away. You can try and negotiate a payment plan (as suggested above) to reduce the amount or at least the interest. Just know that if you negotiate the amount and pay it off, her credit will still be screwed. If you negotiate the rate and pay the whole amount, her credit won't be hurt as bad. She's screwed no matter what, since it's going to collections, but there are degrees of screwed-ness.
Regardless, you (your sister) have to deal with this, as it won't just go away. You can try and negotiate a payment plan (as suggested above) to reduce the amount or at least the interest. Just know that if you negotiate the amount and pay it off, her credit will still be screwed. If you negotiate the rate and pay the whole amount, her credit won't be hurt as bad. She's screwed no matter what, since it's going to collections, but there are degrees of screwed-ness.
#16
1) Talk w/ an Audi representative. You can always negotiate something, whether it is the terms or the amount.
2) Unless she plans to file for bankruptcy, (hopefully no one co-signed her lease) she will have to pay. Don't take collection agency as jokes. My friend's mom suffered a lot of harrassment for couple of years until she was able to pay off the debt.
3) Since you can't undo this whole situation, take it as a loss and work something out. Happens to the best of us.
2) Unless she plans to file for bankruptcy, (hopefully no one co-signed her lease) she will have to pay. Don't take collection agency as jokes. My friend's mom suffered a lot of harrassment for couple of years until she was able to pay off the debt.
3) Since you can't undo this whole situation, take it as a loss and work something out. Happens to the best of us.
#17
I love cars!
You might reconsider co-signing in light of this. She may tuake YOU down the next time she's in this position. Plus you wo't have to worry about her finances for the next 36-60 months, and whether she's paying her bills on time. If she elects not to pay for the next one, guess whose wallet ALSO takes a dent? Don't tie your sister's credit to yours that way. Give her a down payment if you want, but don't go joint on that large a credit obligation. ALWAYS a bad idea.
#18
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Originally Posted by SakiGT
Its a repo, this is completely normal. Its not their problem, she signed the agreement.
Shes fuckored. Might as well file for bankruptcy and start anew in 7 years.
Shes fuckored. Might as well file for bankruptcy and start anew in 7 years.
#19
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Originally Posted by CGTSX2004
She shouldn't have given the car back.
Originally Posted by BigPimp
Stupid of her to just give the car back
#20
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Originally Posted by Shift_it
Hey guys,
I need to ask a question to the ones who ever been involved in a car repo situation.
My Little sister had a 2004 Audi A4 that was on a lease. The lease was for 3 years and she gave it back to them just a little over 1 year.
She lost her job and was forced to do so.
Well anyways AUDI *I think auctioned off the A4 and said that it sold for 18500 and the pay-off amount is (If bought new) is 29300.00. So that is a difference of $10800.00 that in the letter they sent her wants her to pay the difference in 30 days. LoL!!!
Well she has no intentions to pay this difference nor does she have the money to do so.
We pulled a credit check on her and it showed a code of I-9 (code of repossession). So anyways Audi financial already messed her credit up and she is aware it will be messed up for the next 7 years. But what can she do in this situation like this? Should she tell Audi or its collectors to Fuc%-off and pay nothing and wig it out for the next 7 years? I think if she gets back on her feet w/ job, I will probably help her w/ her credit and co-sign. Hey I a big bro
Thanks all for any suggestions is crap fest like this.
I need to ask a question to the ones who ever been involved in a car repo situation.
My Little sister had a 2004 Audi A4 that was on a lease. The lease was for 3 years and she gave it back to them just a little over 1 year.
She lost her job and was forced to do so.
Well anyways AUDI *I think auctioned off the A4 and said that it sold for 18500 and the pay-off amount is (If bought new) is 29300.00. So that is a difference of $10800.00 that in the letter they sent her wants her to pay the difference in 30 days. LoL!!!
Well she has no intentions to pay this difference nor does she have the money to do so.
We pulled a credit check on her and it showed a code of I-9 (code of repossession). So anyways Audi financial already messed her credit up and she is aware it will be messed up for the next 7 years. But what can she do in this situation like this? Should she tell Audi or its collectors to Fuc%-off and pay nothing and wig it out for the next 7 years? I think if she gets back on her feet w/ job, I will probably help her w/ her credit and co-sign. Hey I a big bro
Thanks all for any suggestions is crap fest like this.
Only two ways to handle this.
One is to pay off the amount that is due.
Two is to take the hit for the next 7 years.
My wife has a repo on her credit which happened before we met. As a result we've been doing everything (house, car, etc) on my credit to escape those high interest rates.
If you decide to take option #2 which forces you to take the credit hit for 7 years, CEASE contact with the collection agency. Everytime you communicate with them it starts the 7 year cycle all over again, depending on which state that you reside in.
Best option right now is to have your sister get a good used car if possible. The repo mark is there to stay, so she'll need to get used to it for the next 7+ years. Good luck with whatever she does.
#21
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Originally Posted by joerockt
Do you guys know how a repo works? Yea, she should have done something sooner but once they decide to repo it, a tow truck just snags it in the middle of the night...
#22
Originally Posted by CGTSX2004
joe, read the original post. The OP said his sister broke the lease and returned the car early. That's not your usual "tow truck in the middle of the night" repo situation.
Indeed, which baffles me when people do something like that and I hear that story everyday. 'Oh that repo, I returned the car! I should not owe anything!'
#23
Originally Posted by joerockt
Do you guys know how a repo works? Yea, she should have done something sooner but once they decide to repo it, a tow truck just snags it in the middle of the night...
Just because you watch a TV show doesnt make you an expert on it either Ive had two personal incidents with deadbeat friends, so I know how it works.
#24
I
Wait a minute, I thought the car was a lease? How can you sell a car without a title like some of you guys recommended? Wouldn't the buyer need to get into contact with the title holder anyway, which would be Audi?
#25
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Originally Posted by FastAcura
Wait a minute, I thought the car was a lease? How can you sell a car without a title like some of you guys recommended? Wouldn't the buyer need to get into contact with the title holder anyway, which would be Audi?
With a private party, there are a couple ways to do it:
1. Have the buyer pay the amount agreed upon directly to the leasing company (plus have the seller pay any remaining amount + penalties) and the leasing company will release the title to the seller, who can then transfer it to the owner.
2. The seller can get a loan to pay off the buy-out value, get the title, and then sell the car to try to make back as much of the amount as possible.
3. If the buyer is trusting enough, they can pay the seller, who would then take the money and pay the leasing company to get the title released.
It's a little more complicated, but not a whole lot more so than trying to sell a car with a lien on it.
#27
is learning to moonwalk i
FYI - if you ever want to get out of a lease early, you can always check out www.swapalease.com. Some leasing companies will allow one transfer, while others won't. If you got a decent deal on your lease, it shouldn't be too hard to get out of it. Many people offer some cash if the payments are kind of high.
#28
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Originally Posted by SakiGT
Its a repo, this is completely normal. Its not their problem, she signed the agreement.
Shes fuckored. Might as well file for bankruptcy and start anew in 7 years.
Shes fuckored. Might as well file for bankruptcy and start anew in 7 years.
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