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Can you be taken to court to pay for a repossessed vehicle?

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2008-01-21 22:05:07
2008-01-21 22:05:07

yes, however they can only take you to court for the total intrest.

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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.



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


No. It's insured by the repossesor. Matter of fact if he wrecks it he has to pay.


If i have a vehicle repossessed in the state of texas, is there anything that requires me to pay off balance after vehicle is sold at auction?



Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.


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.


This just means they have not found it yet. They can pick it up and, they can take you to court and you will have to pay the amount owed plus court fees and fines for hiding the vehicle. If that's the case.



Of course not! It wasn't stolen or wrecked, it was taken from you for failure to pay on the loan!Be sure to cancel the insurance.




You can only keep the vehicle under two circumstances: (1) sign a reaffirmation agreement and keep making payments; or (2) redeem the vehicle by paying of the balalnce. If you fail to do either, they lender can get permission from the bankruptcy court to repossess the vehicle. In some states, such as Missouri, you may keep the vehicle if you continue to pay on it.


likely NOT. TFC uses a wholesale auction and you wont get in. If you want to redeem your vehicle just pay it off.


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


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.


Depending on the bank used to finance the car, after failing to pay 3-5 payments the vehicle will be repo'd.


Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.


The dealership is not involved unless the vehicle is leased. If the dealership has repossessed a leased vehicle, it is gone; you will not get it back. If the vehicle was being purchased by loan and the lender has repossessed it, you may get it back, but you have to balance what you would owe against what you do owe. To recover a repossessed vehicle, you may have to pay the following fees: * Past due balance * Any late fees associated with the delinquency * Repossession fees * Storage fees * Legal fees * Court costs * Recovery fees (the cost associated with processing the paperwork to return the vehicle to you). However, if you do not retake possession of the vehicle, you will still be responsible for most of these additional costs, and you will have nothing to show for it.


If the court order is to lien your assets, yes. Possibly, if there is a loan against the vehicle, the lien may not be able to attach it. You must check locally and carefully read the judgment against you.




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


If you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.



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