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After your repossessed car is auctioned how long do you have to pay off what you still owe?

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2015-07-14 16:06:33
2015-07-14 16:06:33

BAD news. They have already tried to let you make payments. This time they will want ALL of it.

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IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.


If the car is gone, the car is gone. The car would only be covered in BK if you still had it. If you file Chapter 13 bankruptcy within 10 days of your car being repossessed, or in some states before it has been sold or auctioned, your creditor must return the vehicle to you.


It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.


Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.



Yes, if you own the car being auctioned, you get the proceeds of the sale, minus the auctioneer's commssion. No, if your car was repossessed and auctioned by the lender, it would be rare that the proceeds, minus the auctioneer's commission would exceed the amount you owed on the loan. However, if it did, you would get the remainder. On the other hand, if the auction doesn't cover your loan, then you could still be sued for the remaining payments.



pay all owed monies and get the car before its auctioned ! only takes a few days before the car goes to the auction . they will the car fast even at at a loss!



not if you still owe money on it


If you mean repossessed, sorry, no. Doesn't matter if it was auctioned off or re-sold to anybody else, if you didn't make the payments (on time or not at all) that will still reflect on your credit, badly for 7 years.


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.


If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.


It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.


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.


If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.


It depends on the reasons the car was repossessed and what the local laws are. If the car is being held as evidence or to be processed for evidence, it can be held as long as it is needed.


if i get my car repossessed, can they put a llien on the house?



Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.


yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.


No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.


No, but your car can be repossessed if you don't make the payments.


Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.


Yes. If you have not paid for it then it is not yours.



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