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Repossession
Debt and Bankruptcy

Are you free and clear of responsibility for your vehicle once it has been repossessed?


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Wiki User
2015-07-14 16:07:32
2015-07-14 16:07:32

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

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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.

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

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

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


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