HomeAfter a car is repossessed what happens to the owner of the car does he have to pay it off or what happens?
Wiki User
2011-09-12 07:49:52
2011-09-12 07:49:52
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.
Related Questions
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.
Most of the time you do, YES.
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.
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