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Question
I was trying to trade in my car at a dealership. They put my car on a contract called a consignment; where they sell my car within 30 days and pay off the previous debt. In meantime, I buy there car. Well I bought there car and this dealership made no attempts to sell my car. Now the penholder is trying to collect money from me. I told them the situation and that I was current suing the dealership who did this but they don't want to wait on the judges ruling they want there money now. I can't afford two car payments and the other dealership won't take the new car I bought back. Is it good advice to do a volunteer repo on this old car until the judge makes a ruling.
Tawana,
That's the worst thing you can do. With a repo car you're liable for the deficent balance. Meaning you owe for the remaining funds the seller didn't receive at the auction. If your car was worth 10k and they received 5k you owe the remaining 5k.
I hope you didn't give the dealership the title to the old car. How about you try to sell it yourself.
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