No longer being able to afford car repayments

[claynlr]

17 hours ago, murraynz said:

Buying a brand new car,is always the best way to loose money.

They depreciate hugely,as soon as they leave dealers yard.

Ive just bought a 13mth old car,which was repossesed by bank,only 18,000kms,nearly half original sale price.

Still has warranty...why buy new ?

Many people especialy thais,buy new,because they can get low,or no deposit and very low intetest rates.

Are there web sites That list bank repos? I would think there would be quite a few available now.

[steven100]

On 7/1/2020 at 8:17 PM, Keyser Soze666 said:

Right ok. What if they auction the car and get say 750k for it, would 250k then come back to you?

totally wrong statement. If they sue you through the court eventually they will instruct an execution officer of the court to submit documents to the LED ( legal execution department )  who then will check out what can be auctioned to recover moneys owed.   

[Leaver]

On 7/1/2020 at 8:17 PM, Keyser Soze666 said:

Right ok. What if they auction the car and get say 750k for it, would 250k then come back to you?

The finance company will auction it and try to get their 500k back for it, even if it's worth 750k, perhaps because you made extra repayments on it. 

 

If, for example, you owe 500k on it, but think you can get 750k for it, you should try to sell privately.