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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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โˆ™ 2010-06-02 11:01:24
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This is Paula's monthly budget What percent of her expenses is spent on insurance

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Q: Can you still owe money after your car is repossessed because of the recall?
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Related questions

Can your car get repossessed after bankruptcy?

not if you still owe money on it


If you LEASE a car and have it voluntarily repossessed will you still owe money on it?

Yes


Can you still owe money after your mobile home is repossessed?

Yes. The home was repossessed because you failed to make payments you contracted to make. Even though you no longer possess the home, the contract is still in force and must be satisfied unless the lender forgives it,


Can you still owe money on a car that was repossessed and resold to another buyer?

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.


Can you be sued if you let your mobile home be repossessed?

You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.


Can your car be reposessed after six years?

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


Can you still owe money after your car is repossessed and you are bankrupt?

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.


Can you still owe money after your motorhome is repossessed?

Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.


Can you buy another car even though is repossessed?

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.


F a car was repossessed two years ago and you put an old car that a friend had on the road can they come after that vehicle for the money still owed after auction?

No. They can repossess their collateral (the car which was repossessed), and they can send a collection agency to hound you for money, but they can't confiscate your property.


You owe money on a repossessed car but the car was refinanced to someone else do you still owe?

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.


Is money still owed if leased car is repossessed?

Yes, and potentially more than was owed before the repossession due to accrued fees.

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