Q: I bought a car at a buy here pay here, i can't afford it anymore am I responsible for the loan on a voluntary repo?
It's not being reported to any of the credit bureaus. I should also mention its not Bank financed but financed by the owner
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A: Yes. They generally reposes the car, sell it at an auction and get what they can for the car and hold you responsible to pay the difference.
Cary B. Hall agrees with this answer
A: Yes. You will be responsible for the balance, and they can sell it at a public auction and what they receive may not be much at all.
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