The car can always be repossessed if the owner stops paying off the loan.
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.
Will be repossessed, be patient. You either pay off, or pay off. No longer able to make payments. They will repossess the car and sue for the difference. Sorry.
A car can still be repossessed if it has scratches or some slight damage. The current value of the car is normally used when netting off the debts.
Most of the time you do, YES.
The car was repossessed one week before being off, now the creitor wants to charge me repossesses fees.
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
Your debt is then written off as the car covers the cost of the debt.
Well, don't worry about the lender getting a judgment against BOTH of you and possibly garnishing your wages. Some lenders take advantage of the IRS laws and send you a 1099 for whatever income they write off. Watch for that.
After a repo you have the right to get your belongs out of the car and your tag off the car.
Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.
Pay it off. It will still likely be repossessed.
the same things that happen to the primary signor. Judgements, garnishments, leins, ect. You are learning to hrad way about co-signing. Good Luck
not sure which Hill & Associates you mean. Can a car be repossessed from repair shop?": YES Hold that thought because here in Ohio if a car is up for repossesion and it is sitting at a repair facility and a bill is owed on the car for repairs it cannot be repossesed unless the repair bills are paid to the shop. the shop owner has the right to hold the car and notify the bank or finance company. they will either pay the bill to the shop and retrieve it or write it off. At that point if the shop owner cannot get the person to pick up the car they can file for a title for the vehicle.
you can take off all the modifications off as long as the car is the same when you bought in running conditions and looks as descent as possibble
yep....pay it off so they cant
You should pay off your repossessed car if you want to fix your credit quickly. If you are not worried about your credit, you can wait to pay off the car or file for bankruptcy.
then i think you start paying off either his family or his estate.
You are unless it's a TITLE LOAN, they usually write it off.
CALL the lender or better yet, VISIT the lender with CASH ready to pay off the car.
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.
that's the point of repossession. you cant pay, they take it away.
The estate needs to pay off the car. If the executor agrees, someone in the family could come up with the cash to pay it off, and their portion would include the value of the car minus the money they added to pay it off. I do not know if you could allow it to be repossessed to end the debt.