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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Related Questions
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.
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.
Do you have to pay off a repossessed car?
Most of the time you do, YES.
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.
What happens if you are co owner of your daughter's car and it is repossessed?
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.
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 your car be repossessed if there are children's safety seats in the vehicle?
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.
Can a car get repossessed from the impound lot if it has been completely paid off?
yes.
How do you get a title for a car that has been charged off for non payment?
Pay it off. It will still likely be repossessed.
What happens when the co-signer on a vehicle loan is unable to pay off the car loan after the vehicle has been repossessed from the primary owner?
the same things that happen to the primary signor. Judgements, garnishments, leins, ect. You are learning to hrad way about co-signing. Good Luck
Can a car be repossessed from repair shop?
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.
Can you take modifications off a car that will be repossessed?
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
Can car be repossessed with 2 payments left?
yep....pay it off so they cant
Should you pay off your repo car?
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.
What happens if you bought a buy here pay here car and the car lot owner dies before you finish paying him off?
then i think you start paying off either his family or his estate.
If your car is repossessed are you responsible for the balance after they sell your car in Illinois?
You are unless it's a TITLE LOAN, they usually write it off.
How do you get your car back if it was repossessed?
CALL the lender or better yet, VISIT the lender with CASH ready to pay off the car.
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.
My car was repossessed and they wont give me back the car unless i pay the car off?
that's the point of repossession. you cant pay, they take it away.
Mother purchased a car and was making payments she died and still owes on it. what happens to the car?
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.
