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.
So here is an example of what can happen when a creditor repossess an item. "If an item such as a car or furniture is repossessed, the creditor can then sell it. The money from selling the item is applied toward the money you owe. The creditor can still try to get any money you owe after the sale of the item. The terms of your contract might even add charges for the costs of repossession and sale."
Yes, if the current value of the car is not enough to settle your outstanding loan + any charges that have been added leading up to the repossession.Think of it this way -You borrowed MONEY to get the car. You owe back this MONEY not the car (because the value of the car is going down all the time while you are using it and it is getting older)If you fail to pay back the MONEY they have a rite to take back the car as an asset against this MONEY you owe.If when the car is resold it does not sell for enough MONEY to pay off your debt, then you still owe the people some more MONEY.
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.
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