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The former owner of the car, now still owner of the DEBT, gets to pay the debt. The leinholder will likely get a judgment for the balance due and proceed to collect. Uless your name is 'turnip", you will pay.

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βˆ™ 2011-09-12 07:49:52
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Q: After a car is repossessed what happens to the owner of the car does he have to pay it off or what happens?
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Related questions

Why are car loans always secured with collaterals?

The car can always be repossessed if the owner stops paying off the loan.


Why are car loans always secured with collateral?

The car can always be repossessed if the owner stops paying off the loan.


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 the car is charged off will it be repossessed?

Definately


My car was not repossessed but the account was charged off what can happen?

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.


Do you have to pay off a repossessed car?

Most of the time you do, YES.


Can you let a car be repossessed with scratches on it?

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.


How can you get your car back if you paid the car loan off but haven't paid the interest that occured over the years off and they still came and repossessed your car?

The car was repossessed one week before being off, now the creitor wants to charge me repossesses fees.


After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?

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.


What can happen to your debt after your car is repossessed?

Your debt is then written off as the car covers the cost of the debt.


Can you remove your custom sound system out a repossessed car?

After a repo you have the right to get your belongs out of the car and your tag off the car.


Can a car get repossessed from the impound lot if it has been completely paid off?

yes.

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