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Can you still owe money after your car is repossessed?

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Wiki User
2011-06-07 03:53:27
2011-06-07 03:53:27

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.

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not if you still owe money on it

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If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.

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I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.

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If you still owe money, it may be repossessed at any time.

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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.

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yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.

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If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.

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You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.

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The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.

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As long as you owe them money they can take it.

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YES Yes, you owe them money or yes they owe me the title if it has been written off? Thanks for your help.

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They will auction the car and you will have to pay the difference of what you owe and what the car sold for.

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Yes, when they auction it you will get back money if there is any left after the banks recovery expenses and the money you owe them. That is assuming the car is worth more than what you owe.

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Sell it privately for what you owe on it.

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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."

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Yes. For any amounts not recovered insluding repo costs.

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Yes, the police can seize a car that you still owe money on. Though, they have to have a valid reason for doing so or if they have a court order.

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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.

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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.

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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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When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.

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If you don't work, you have no money. If you have no money, you can't get your car back. It will be sold at auction and you will be responsible for paying the difference of what it sells for and what you owe. If it sells for MORE than what you owe, you should get a check for the difference.


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