Quote:
Originally Posted by ChefBorOzzy
Why wouldn't you sell the car that is worth 20k and you owe 10k on?
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That example is somewhat extreme, but I have seen folks let cars go back that they could have sold for a couple grand more than they owed had they just tried. Losing a job can cause people to make dumb decisions. Or causes them to wait until its too late.
They could have made a couple thousand and paid it off but it would have taken some legwork with the bank and a buyer, instead they let the bank repo it and it was sold for a little less than what they owed. The bank then charged them fees for the repo and sale, as well as the remaining amount owed on the note.