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How much are repossession fees?
Times have been tough for me financially as of late. My car payment is due at the end of the month and I’m concerned that I’m not going to be able to afford it. If they repossess my car, what will I need to pay?
Drew Waterstreet · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
We’re sorry to hear about your dilemma, but not paying on your car loan may only make the situation worse. Repossession fees can be hundreds or even thousands of dollars—likely more than your original car payment.
Repossession
fees often add up to more than the car is even worth. Here are some expenses that may be involved with repossessing your vehicle:- Towing and storage fees
- Public auction fees
- Late payments fees
- Legal fees
- Outstanding principal balance and unpaid interest
Even after your vehicle is sold at a public auction (at a state-determined reasonable price), you could still be on the hook to pay the rest of your loan. This is known as a deficiency balance.
One great way to balance your vehicle budget is to save money on
car insurance
. It’s easier than you think with Jerry
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- Gregory R.
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