Yes! It is pretty much the same as a regular repo. They will sell the car at auction and then sue you for the difference. I would recommend trying to sell the car (clean it up, make it really shiny) because you will get more for it on the open market than they will at auction.

If you owe more than the car is worth (see Kelly Blue Book site below), then see if the lender will let you sign a note for the difference. ex. Car is worth $5,000 but you owe $7,000, you need to come up with $2,000 for the difference. If they won’t work with you, try going to a credit union for a small loan for the difference (assuming you can’t get the cash together).

Once you are out of this car nightmare…get a little beater to drive for a while and pay cash! Pay yourself a “car payment” for 10 months into a savings account and then take your cash plus what you get for selling your beater and move up in car. If you keep doing this, you can move up pretty quickly and pay NO finance charges…

Check out this guy’s site…he has a whole deal on cars…lots of free info!

Good luck!