If I onle can afford half my truck loan payment a month, can they repo my truck?
Question Details: I owe 2 times of what the truck is worth. I am unemployed and can only make half the payment a month. The loan company will not work with me. Can they repo my truck and if they do can they come after for the balance they don't sell it for? And is it likely they will come after me even thou I tried to work with some kinda payment?
1) If you're not making the required payments, the company can reposses your truck.
2) If they reposses, they may also try to come after you for any balance over what the truck is worth and you've paid. For example, say you financed the truck for $20k and you've paid a total of $3k so far. If the truck is repossed and it's now worth (blue book) $14k, then the finance company has gotten a total of $3k + $14 = $17k; they could come after you for the other $3k.
3) Whether or not they will try to come after you depends on how much you owe and what the company and its employees/representatives are like.
