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Usually, the car gets sent to an auction center where it will be sold usually at less than fair market value and certainly less than the amount that is owed on the loan. The proceeds of the sale less expenses are deducted from the amount owed on the loan, and the lienholder sues the owner for that difference. Owners should try to work out an agreement with the lienholder to pay the arrears in full and get the loan back in good standing. It might give the car back. If that does not work, owners should see if they can sell the car to someone privately, before the lienholder sends it out to be auctioned off. The car sold privately will get more money than when sold at an auction. This will lower the amount the owner gets sued for.
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∙ 15y ago
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What happens if you get your car repossessed?
if i get my car repossessed, can they put a llien on the house?
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
What happens to your credit after a car is repossessed?
Normally your credit is ruined for 7 years.
What happens when your car is repossessed and they damage your car?
then you go and kick that person and repposses that car.... They call cops and you ignore those guys....
What happens if a car is repossessed?
Unless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.
How can you locate your repossessed car?
Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.
What happens if you default on car loan in divorce?
The car will most likely be repossessed unless you make up the missing payments and penalties.
Can your car be repossessed if you lose your job?
No, but your car can be repossessed if you don't make the payments.
What happens to a co-buyer if the car is repossessed?
Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.
What happens when a car is repossessed in the state of Georgia?
The car gets taken to the impound lot, and you have to file paperwork and pay a certain amount of money to get your car back.
What happens when you have had your car repossessed do you still owe the bank?
Yes. For any amounts not recovered insluding repo costs.
Can a car be repossessed with a person in the car?
No.
