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Mary, the answer is NO. You will have to pay the balance due after the sale price has been deducted.

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โˆ™ 2015-07-14 16:07:32
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Q: Are you free and clear of responsibility for your vehicle once it has been repossessed?
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Related questions

Does bankruptcy cover the amount you are upside down on a vehicle after it has been repossessed in Colorado?

It can.


How do you find out if someone elses vehicle has been repossessed?

"YOU" dont, the debtor does. call the lender.


What if a vehicle has been repossessed more than once?

only the last one counts


What are your rights in Washington State after your vehicle has been repossessed?

Pay for the car and get it back, or pay the deficiency after it has been sold.


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.


Can you get a vehicle back after it has been repossessed?

YES,, CALL the lender and find out HOW MUCH it will cost to do so.


On average what is the quality of most repossessed vehicles?

The owner of a vehicle that has been repossessed, cannot afford to make their payments, so it makes sense that they cannot afford to perform the required scheduled maintenance on the vehicle. This is not always the case but IMO, I would never buy a repossessed vehicle, unless it had extremely low mileage of say less than 20,000 miles.


Can you get your vehicle back after it has been repossessed?

Yes, you can. Alot of times they will work with you. They don't want your car, just your money!:)


Are there laws that govern how much a consumer can be liable for after a repossessed vehicle has been auctioned?

As a rule of thumb, you will owe the difference.


Can you get compensation for major custom work done on a financed vehicle that has been repossessed?

No. You wanted the custom work; it belongs to you. No one will pay you for customizing your own vehicle.


Do you have to pay on a repossessed car if not sold?

If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.


In California what happens if a vehicle has been charged off and it has been over a year and you still have it but there has been no contact or correspondence from the bank regarding a repossession?

It might get repossessed.

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