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YES. Read your contract.

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โˆ™ 2015-07-14 16:09:34
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Q: Are you still responsible to pay off the remainder of your car balance once it is repossessed?
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In Florida when a car is repossessed do you still have to pay for it?

The vehicle will be sold. That amount will be applied to your balance. You will be responsible for the remainder owed along with any fees associated with the legal aspects etc


If a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?

Yes. If you signed the loan, you are still legally responsible for it.


What if repossessed truck doesn't sell at an auction?

then you still owe on it. you (as the debtor) are responsible for any remaining balance. when you don't pay that, you'll end up with a judgement and wage garnishment.


Can you still owe money after your car is repossessed?

Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference and will have to pay it.


Are you still liable to pay if the vehicle is repossessed?

You are still responsible for the balance of the contract, in addition to repossession, collection, and legal fees. Added to this can be transportation costs, storage costs, auction fees. The car should be sold and the sale amount deducted from your contract balance. What ever is left is called a deficiency balance and your are still liable for it. Keep in mind that most repossessed vehicles are sold at a substantial loss (much less than for what is owed) and the additional fees can result in a higher balance than the original payout on the vehicle.


When a car is repossessed are you still responsible if is involved in an accident?

Once the agent takes possession of the vehicle, they are responsible for any damages which occur.


Will you get sued for the money you still owe after your car is repossessed?

If you don't pay the balance of the loan after repossession, the lender can take you to court for the remaining balance or they can charge it off. Neither is a good thing, so it is best to pay the remaining balance as soon as possible. ___________________________________________________ Most vehicles that have been repossessed are sold at auction. When this occurs, you are responsible for any balance that remains less the monies collected from the sale. If a balance remains and you fail to pay it then the creditor or lending agency can sue for the balance due plus legal fees.


Can you still owe money after your car is repossessed and you are bankrupt?

You still owe the balance after the insurance money is paid, if there is a balance. You can only get rid of it, along with your other unsecured debts, by filing bankruptcy.


If you let your car go back do you still have to pat remainder of of balance?

Yes


If you voluntarily let your car be repossessed by the lender do you still have to pay on the loan?

Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost


If a car is repossed you do you still pay the reminder of balance?

When a vehicle is repossessed, it is usually put up for auction. If the monies recovered from the auction is not enough to cover the outstanding balance on the loan, the person the vehicle was repossessed from is expected to pay the difference. It's a bummer, but that's how it goes.


Can you still owe money after your motorhome is repossessed?

Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.


In Virginia can a credit company repossess your car and still demand the money owed above the value of the car?

When your car is repossessed, they sell it for what they can get. Value has nothing to do with what price it brings. They simply get what they can. You are then responsible for the difference in the amount they sell the car for and the balance on the note. Your credit is then ruined for 7 years. This is why having a car repossessed is a horrible idea, and should be a last resort.


If your car is repossessed do you still have to pay for it?

The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.


If you let the lender keep your car and they resell it are you still responsible for the remaining balance?

Read your contract. In 99% of the repos , YES, you still owe the balance due.


When you give a car back to the bank will you still be held responsible for the balance of the loan?

Yes.


Is it possible that if someone buys a car and then gets it repossessed while still owing money on it for the people you bought the car from to sue you?

yes, unless they get the balance owed. If not they will sue for the remaining balance between what is owed and what they get from the resale.


If your car was repossessed and the balance is still 9760.61 but over the length of the loan of 72 months you were to pay 10967.78 in interest do you still have to pay if it is all interest?

Yes. Some is likely repo fees.


If someone made payments to purchase vehicle and to pay remainder of balance when picking up the vehicle then changes mind is there a refund owed on payments?

No. You are not entitled to a refund if you made payments toward the purchase of a vehicle. In truth, if you signed a contract to purchase the vehicle, that vehicle is now secondary to the contract, you could still be held responsible for the balance of the loan, whether or not you still have the vehicle.


If a car is repossed are you still responsible to pay for the remainder due on the car?

Yes. You are also responsible for repo fees, storage, auction and collection fees. You pay for it all.


Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?

Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).


Do you still have to pay off the loan once your car is repossessed?

In almost all cases, YES. At the very least you will pay the difference in what the car sells for and the balance on the note.


If you allow a car you cosigned for to be repossessed then pay off the balance after it is auctioned will it still affect your credit?

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.


Can a car dealer in Iowa still make you pay part of loan after a car has been repossessed?

Yes. When a vehicle is repossessed, it gets sold again. The amount received from the sale is deducted from the balance owed (which will now be augmented by repossession fees, storage fees, service fees, etc), and you will still be liable for that amount of money.


If a car is repossessed and resold for more than was originally paid for it do you still have to pay it off and where can you find out what is owed?

Start by reading your contract. Then CALL the lender who sold it to get the balance due.