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Posted in Auto Loans
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Question By
jadam85

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what to do about auto loans that i cant pay
I took a car back to an auto lot,I was still charged repossession fees and they now tell me I owe them 17,000 + dollars and its hurting my credit. What can I do?

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You do the right thing and visit the car lot in person and try to make the best deal you can to pay off the debt. In the mean time, if they are holding you to the debt then you should have possession of the car. Sell it and pay off the debt.

Top Contributor
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OK, not sure where mdtaylorim is getting their info, but you cannot sell a car you neither have in your possession or that you don't own outright.  Here's what you do.  Write a letter to the lender, ask them for the paperwork (you'll need the VIN number if you have it), (1) showing your payment history on the loan, (2) showing how much they sold it for at auction.  If they sold the car for less than the balance of your loan, then you legally owe them the difference.  If they sold the car for more than the balance of your loan, then you don't owe them anything.  Once you figure out how much, if any, you owe, make sure that is reporting correctly to all three credit bureaus.  Send them the docs the lender sent you as backup.  It will take some persistence, but you should be able to get it done.  Best of luck!

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