if my wife bought a new car back in 07,and decided to return it to chrysler,what can they legally do to us?

Question

She bought this car by herself,and they 'PUT IT ON ' her financially with over 9% intrest,and payments over $500.00 a month. She tried to git rid of it but somehow, she still owes about the same as purchase price,,and its been 2 years since purchase....Please,,somebody put things in perspective...they said theyd put leins against us and all kinds of stuff,,,greggagnon,where are you??

Answer 1

you return the car to Chrysler they sell the car they go after you for the balance

Answer 2

First off, in 2007, 9% APR was not bad. It still isnt. That may have been the best rate she qualified for at the time.



Second, the reason she owes so much is because she undoubtedly financed taxes, fees, and extras like warranty. Did she have a trade in? Did she owe more than it was worth? Well she is still paying off that shortfall too.



Lastly, the other answers told you what will happen. They will sell your car at auction. Whatever it brings will be deducted from the balance of your loan. You will still have to pay the shortfall between payoff and auction. They will add repo fees, legal fees, storage, transport and auction fees. PLus a fee for all the fees they have to process.



You will have to pay that balance. They will have the right to sue in court, and request a garnishment of your wages until the balance is satisfied. They will turn it over to collections agents, who will pester you night and day.



You will, in effect, still be paying for a car you no longer have the priveledge of driving.



This repo will be on your credit for a *MINIMUM* of 7 years. The way reporting works, is that the item will come off the bureau 7 years "after the last action". That means if you pay it off in 2012 (last payment is the last action), the negative will be there until 2019.



If you think she got hosed at 9%,. wait til you see the APR for someone with a repo!

Answer 3

What they said, they can, and furthermore, will do. They will take the car, do whatever they need to make it clean, shinny and sellable, (ie: new tires, engine tune-up, repairs, fix dents, scratches, paint, etc.) of which they will "add" to your bill... then they will sell it, and file a lien, and sue you for the difference.

Sorry about that, but that's the way the ole credit ball bounces.

If you have talked to them about refinancing to lower your payments and they have refused, about the only choice you have is to consider getting an Atty to fight (negotiate) this battle for you. But that is going to cost you at least a couple of car payments...

John

Answer 4

Why are you making your wife out to be a victim here? Did they force her to sign the contract? Anytime a person fails to follow through with a contract, there are penalties involved. How does ruining her credit for 7 years and suing her for the remaining loan balance sound?

Answer 5

If you have talked to them about refinancing to lower your payments and they have refused, about the only choice you have is to consider getting an Atty to fight (negotiate) this battle for you.

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What does an attorney the wife can't afford even solve?



A valid contract is just that and the wife being upside down on her loan gives no room to refinance.

Answer 6

Legally? Everything the contract your wife signed says.

Answer 7

After she gives it back, they will sell it or auction it off. If they sold it for less than the balance owed, they will sue her for the difference.