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Answered 2017-10-10 17:08:34

The answer depends on the laws in your state.

  • In some states if you don't pay, you lose it.
  • In Mississippi, after the bank sells it, they cannot make a profit. They have to send you what's left.
  • Not ALL lenders have to return the overage. Some only have to return 85%.
  • Yes, they can still repossess your car, but in most states, if you have paid over 65% of the balance of the loan and the original balance was under $5,400.00, they can't sue you for the deficency balance. Most finance companies, if the vehicle is of any value, will repossess it and resell it to recover any losses they may have.
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Related Questions

When can a bank repossess someones car?

As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.


Can a finance company repossess a car if more than half has been paid?

They can repossess with any amount owed if unpaid.


My car was in an accident and is still at the body shop which hasn't been paid yet he finance company wants to repossess the car. Can they repo it from the body shop?

Yes, the finance company can repossess the car from the body shop. They would likely wait for the car to be fixed before they repossess the car.



You have paid your car payments but have late fees can they repossess the car?

Yes, late fees indicate that payments were not made on time, which renders the original agreement invalid and allows the lender to repossess the vehicle if they so choose.


You payoff your car but you were behind to payment and they repo your car what you need to do to get your car back?

They don't repossess cars that are paid off. So your best bet is to call them and see if they want to deal with you. Usually, if they've gone to the trouble to repossess it, they won't deal with you.


What is Texas law on repossession procedures?

Can the police repossess your car? Can the police repossess your car?


Can a dealership repossess a car without there ever being a car loan - and down payment made and cashed?

If you have not fully paid for the car, it is not yours. The loan papers allow you to use the car until it is paid for; without the agreement you have nothing.


Can a dealership repossess a car already paid for in full if there is money owed on another car still being paid for?

Read the contract. If the second car is connected to the first, yes. Otherwise, not without a judge signing off.


Can the bank repossess your fathers car after his death?

You need to ask an attorney. In general, for a secured loan (title of the car is the security) if the loan is not paid, the leinholder (the bank) takes back the property they have not been paid for.


Can they come on private property and repossess your car in North Carolina?

It is possible for someone to come onto private property in order to possess your car in North Carolina. If you have not paid you car off, it is never yours until it is paid off.



You borrowed 9000 to buy a new car you paid 1800 backwhat percent is paid off?

Randy borrowed $9000 to buy a new car. So far he has paid $1800 of his loan back. What percent of the loan is paid off?


How do you use repossess in a sentence?

Hey Hun, if you do not make the payments they will come to repossess your car.


Can a dealership repossess your car if they are not the lien holder?

No. The lienholder is the only entity with a right to repossess.



Can a bank repossess a paid for car for other credit debt i own the car but i owe a lot of other debt?

The bank doesn't own the car. Unless you used it as an asset, or collateral for a loan from them, they should have no hold on that.


Can they repo a car once you have paid up to date but still owe 7000?

If you are up to date with your repayments then the finance company are unable to repossess your vehicle. If you have defaulted on your payments then they are able to repossess the car, the number of missed repayments which qualifies for repossession will be stipulated on the agreement you signed when you first purchased the vehicle.


Can the bank repossess your car after the loan matures and you still owe?

If you still owe on the car (whether matured or not), the bank can take it if you don't pay. It belongs to them until the loan is paid and the title is sent to you.


Can the financial institution holding your car loan sue you for fraud for not allowing them to repossess your car?

Not Fraud, but Grand Theft Auto. The car is the property of the Finance Company, until the loan has been paid off. Then, and only then is the title to the car passed to you.


Can you repossess a car in Alberta that belongs to both my husband and myself?

A car can be repossessed if the payments are not being made. It really doesn't matter whether it was bought by one person or two. The car dealer just wants to be paid.


Can the state of North Carolina charge for personal property when they repossess your car?

The state doesn't repossess your car - private companies do that on behalf of the lienholder. They don't charge you for private property left in your car when they repossess it - that would be illegal. They charge a "storage fee" for the items they remove from your car. Underhanded, yes, but they can legally do it.


Can a lender repossess a car if you do not pay down payment?

Yes, you made a financial pbligation by signing the documents for the sale of this car. So, they can legally repossess that vehicle.


Do you have to have insurance to repossess a vehicle in South Carolina?

No, you dont even need keys to repossess a car in South Carolina


Can a finance company repossess your car if your license is suspended?

They won't repossess it for your license being suspended, but they can repossess it when you fail to make payments, regardless of what the current status of your license is.


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