not if you still owe money on it
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
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.
If you still owe money, it may be repossessed at any time.
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.
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.
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.
You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.
As long as you owe them money they can take it.
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.
In most cases, YES