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Do you still have to pay on a loan after your car is repossessed?
Wiki User
∙ 13y ago
Yes, provided there is still an outstanding balance after the repossession and resale are completed. This is the case in most situations, due to the added cost of repossession, storage, and transport of the vehicle that will be assessed to you. If it remains unpaid, the lender may (likely will) file legal actions against you to recover the balance.
Wiki User
∙ 13y ago
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Do you still have to pay part of the loan depending on the value of the car if it is repossessed in California?
YES, you pay all the loan amount, sooner or later.
What happen if you can not pay your car loan?
When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.
Do you still have to pay off the loan once your car is repossessed?
In almost all cases, YES. At the very least you will pay the difference in what the car sells for and the balance on the note.
If you voluntarily let your car be repossessed by the lender do you still have to pay on the loan?
Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost
When a car is repossessed in Texas do you still have to pay the loan?
The car will be sold to satisfy part of the loan. Any money left over after paying for the repo man, and any admin costs will go toward the loan. After that, whatever is left on the note is your responsibility. You STILL have to pay off the loan unless you file bankrupcy.
What can happen if you don't pay a title loan and you still have the car?
The vehicle can be repossessed.
Do you have to pay the difference on a repossession car loan?
Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.
Do you still have to pay part of the loan depending on the value of the car if it is repossessed in California?
YES, you pay all the loan amount, sooner or later.
What happen if you can not pay your car loan?
When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.
If your car is repossessed do you still have to pay for it?
The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.
Do you still have to pay off the loan once your car is repossessed?
In almost all cases, YES. At the very least you will pay the difference in what the car sells for and the balance on the note.
Do you have to pay the whole vehicle off if it is repossessed?
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
If you voluntarily let your car be repossessed by the lender do you still have to pay on the loan?
Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost
When a car is repossessed in Texas do you still have to pay the loan?
The car will be sold to satisfy part of the loan. Any money left over after paying for the repo man, and any admin costs will go toward the loan. After that, whatever is left on the note is your responsibility. You STILL have to pay off the loan unless you file bankrupcy.
If your car was repossessed and the balance is still 9760.61 but over the length of the loan of 72 months you were to pay 10967.78 in interest do you still have to pay if it is all interest?
Yes. Some is likely repo fees.
If you had a car loan that included a 4000 credit card debt and the car was repossessed and there is a 13000 deficiency do you have to pay the full amount or do you have any recourse?
Yes, you still own the debt.
Can a car be repossessed if i owe less than 10 percent of the loan?
Yes, you must pay the entire loan off.
