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

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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.
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Can your car be repossessed when you have paid off the loan but have not received the title?

Answer . Most states have a law that requires that the title be sent within 3, 10 or 30 days of final payment being made. The law usually doesn't have much in the way of te

If a car is repossessed does the loan still have to be paid off?

Yes. The car will be sold at a public auction and the borrowers will be responsible for any difference between the selling price and the loan balance plus the allowable reposs

If a car is repossessed does the car loan have to be paid off?

Well, that all depends on who is taking the car and why. If the bank that financed the car has repossessed it, then maybe...maybe not: It all depends on how much the sale of t

Can your car be repossessed if it is almost paid off?

Yes, when they auction it you will get back money if there is any left after the banks recovery expenses and the money you owe them. That is assuming the car is worth more tha
In Auto Loans and Financing

Does a private party have the right to repossess a car for not doing the title transfer even though the loan was paid?

It depends upon the laws of the state in which the vehicle is sold and/or to be titled. Engaging in a self help solution (repossession of vehicle) may not be the best choice,
In Cars & Vehicles

How long can a repossessed car stay on your credit?

Laws vary by state. Seven years is a general rule of thumb.However, there is the potential for it to be perpetual - the lendercan "sell" your debt to another company, who in t
In Cars & Vehicles

Can you buy another car even though is repossessed?

If you have had a car repossessed, you have not kept up with thepayments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can