[tony36]

A finance compant won't repo for one missing payment, and as for the late fees, they do not count towards not payment, if not paid they are added to the end of the contract with interest. The company would rather keep getting payments with one behind than repo and send to auction. When they repo and auction, the auctions are usually where dealers buy. If you owe 13k, it's probably got a high book of of about 9-10. Its trade in value is then about 7k. At auction it will go for about 4-5000. If it sells for 5k, the finance company will then sue you for the remaining balance + fees, @ 9-10 with the repo and auction fees. The finance company cannot settle the debt with you until the car is auctioned. If they do want to settle the debt before auction, that would be good for you. If they settle before auction and you pay it you still get the car. If they give you an amount to settle, and it is much lower than book value, you could get a bank to finance it for you. I seriosly doubt they will ask to settle before auction though. They cannot settle before auction and keep the car bacause they do not know the amount of monetary damages they have accrued because they have not recuperated money from the sale of the car. If they settle with you for say 9000 and keep the car and send it to auction and get 6000, then they have made a profit by repoing it and that is illegal. Now if they auction it and then make you an offer, if you pay it it will only keep your credit a little cleaner and keep them from garnishing your wages, however most places will accept an offer of about half of the remaining debt if they think you will be filing bankruptcy. But you are still paying for a car you don't have. It is complicated, and I don't suggest bankruptcy, you aquired a debt and should be held responsable for payment. If what you say is true, you should probably find an attorney on a contingencey basis, depending on your contact and state, alot of places it is illegal to repo for just one delinquent payment. It may be worth checking into. Most lawyers give a free consultation. The whole thing sounds a little fishy to me, for one, no finance company will repo for one payment, and they cannot sell you your property back to you that is not part of the loan. They personal belongings in the car are not part of the collateral of the loan. Improvements on the car however are and do stay with the car. Good luck and make sure to get all the right info on what you can do in your state, but no, you will not find anybody to buy the loan or the car for that price because you are already upside down in it, you owe more than its worth.