answersLogoWhite

0


Best Answer

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.

User Avatar

Wiki User

โˆ™ 2011-02-12 19:55:47
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
2.33
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
3 Reviews

Add your answer:

Earn +20 pts
Q: Can you still owe money on a car that was repossessed and resold to another buyer?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What happens to cars after they have been repossessed?

They get resold as used cars to make some of the money back.


What happens to repossessed cars?

Repossessed cars are typically cleaned up and resold on a dealers lot. However, if the lienholder (the person who repossessed it) feels that it will cost too much to restore the vehicle to a sellable status, they will just put it in an auction and take whatever they can get for it. Repossessed cars are first examined fully to determine the remaining value of the car. If the car is suitable for repossession, it will be resold to another person for a discounted price.


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.


Can a car be repossessed if money is owed to mechanic?

Yes


Can your car get repossessed after bankruptcy?

not if you still owe money on it


In Utah can your wages be garnished for a car that was repossessed?

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


Can you still owe money after your car is repossessed because of the recall?

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


What happens when a vehicle is purchased outright from a private seller and the title has a third party lien and the vehicle gets repossessed?

VICTIM buyer has to pay off the leinholder to get car. And/or sue con seller. Leinholder WILL get their money. GOOD LUCK...


How do you get money for first time home buyer?

== ==


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

Yes


How much money does a retail clothing buyer earn?

what is the pay range for a retail clothing buyer?


Can a car repossessed after being 8 days late?

Yes if you have bad credit and have a loan with a shady finance company. I think that's how they make their money betting on you the buyer to be late and then repossesse the car and do it all over again. Yes if you have bad credit and have a loan with a shady finance company. I think that's how they make their money betting on you the buyer to be late and then repossesse the car and do it all over again.

People also asked