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lazypucker · 02-02-2020, 05:56 PM

Just thinking out loud:

SUV originally cost $80K + $8K cash back = total loan amount $88K

Let's say $3K has been paid back to the loan over the 4 months = $85K owing still to the bank

SUV is repossessed and the bank sold it for $70K = $15K gap

So the friend technically still owes the bank $15K right now. I suppose the bank will negotiate a payment plan or send it to a collection agency...

02-02-2020, 05:56 PM	#7
lazypucker First Line Centre Join Date: May 2004 Exp:	Just thinking out loud: SUV originally cost $80K + $8K cash back = total loan amount $88K Let's say $3K has been paid back to the loan over the 4 months = $85K owing still to the bank SUV is repossessed and the bank sold it for $70K = $15K gap So the friend technically still owes the bank $15K right now. I suppose the bank will negotiate a payment plan or send it to a collection agency...