Hey, we are in New Jersey - my friend called me to tell me that her car got repo'd b/c she has been struggling and has not made a payment for 4 months. She does not have nor l do to lend her the remaning balance she owes. She got a letter in the mail today stating that they are going to sell it at a private auction, The car is a 2001 Chevy Prizim and has only 41,000 miles on it (she hardly drove it). She owes a total of $3900 for the car and another $1200 for the fees so total $5100.00. It states in the letter that the selling of the car will reduce the amount she owes. How much will they get for this car about? The letter also says that she is able to come and get her personal items from the vechile or it will be sold or discarded as well- this is true correct? Does she call the bank to find out where the car is so she is able to go and get her stuff? l feel bad for her so please no nasty comments on how she should have just 'paid her bills' you do not know her situation so l thank you for all your great responses ;-)
To cheese - you should b/c what you say - we share a computer and she does not have aaccount so she has access to mine so you better not say anything before you know the FACTS - looking at my questions , l see she did write a question on here ... so relax now.

The car will be sold at a wholesale dealer is auction, which means it will not likely sell for what it is worth. You could check with kbb.com to see approximately what it is worth but l doubt the car will sell for that amount. Whatever the sale amount, that amount would be subtracted from the $5100 she now owes.

It will be sold at an auction, so the highest bidder will get it. l would guess the sales price will be something less than low Blue Book value. She will receive a demand for payment for the difference. She does have the right to claim her personal belongings.

even if it sold for more than 5100, she wo not see a penny of it, due to repo laws.

good luck though, and though it is not a nasty comment, if you can not pay for something, do not just skip payments. find a way, there is always a way, even today.

2 weeks ago this car was yours & u were going to sell it for Christmas money. how did ur friend get it? ;)

To answer ur question though- Even though it has low miles, a Chevy Prizm is not worth much of anything to a dealer (which is who is probably going to buy it). l also seem to remember that the body is in terrible shape. l guarantee that they will not sell it for $5100. Probably more like $500 to $1500. Then they will report the balance as a ''chargeoff'' on her credit report if she does not pay it. This will stay on her credit report for 7 years, making it hard to finance anything else.

She should call the bank & ask where she can pick up her belongings. If she doesn't, they probably can throw it out, calling it abandonment. l seriously doubt they want to go to the trouble of selling her CDs, carseat, kleenex, etc.

Who really knows about what price it would sell for.

l could go to that auction on a slow day, bid $500 for the car, win the car and your friend is stuck for the other $4600.

That is how this works.

This is an unfortunate situation. She needs to contact whoever sent the letter to find the car & retrieve her personal items. If they r worth going after.

As for what this means to her financially. That is completely up in the air & out of her control now. The auction will sell the car to the highest bidder. Generally for much less then the car is worth & definitely less than the amount she owes. She will be legally responsible for any difference between the auction price & the $5100 she owes the bank.

l do not want to preach or scold but repossessions do not just happen. Ample warnings & opportunities r given to these people long before the wrecker shows up to drag the car away. Had she called the bank, discussed her situation with them, worked out a payment plan & offered to pay something rather than just ignore the bill for 4 months she could have avoided this mess.

Now she will more than likely end up in court because the bank will sue her for the balance due after the auction. And then instead of owing the bank she will have a judgment against her in court & then they can take the money from her by garnishing her wages.

You KEEP asking questions about this SAME 2001 geo prizm.. why do you keep asking the same questions over an dover and over????

and if shes using your account to post ..which is ridiculous cus sh could make her own for free.why are you BOTH asking about this car a million times first you said it was your husbands car now its your friends??? call the people that repo'd the car and ask them.