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Yes. Usually the loan holder will be held responsible for any deficit and perhaps fees that are incurred when the car is sold.

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โˆ™ 2005-04-13 15:05:09
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Q: Can your car be sold if it was repossessed?
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Related questions

What can you do if your car was repossessed but was not changed out of your name?

There is nothing you can do till the car is sold.


Can you get sued for the balance of your car loan after the car is repossessed and sold?

Yes.


Does a repossessed car have to be sold at a public auction?

NO. It can be sold any way the bank wants it to be sold


My Car was repossessed what do I owe the bank?

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


How do you find out what price your repossessed car was sold for?

ASK the lender.


Can the loan co. who repossessed car tack on interest after car is sold at auction?

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Do you have to pay the whole vehicle off if it is repossessed?

Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.


Who owns the car after it is repossessed?

It would go to a car auction and sold on to a new owner and may be sold for a price much less than it is worth


Can you repossess a car which you sold to a friend with a written contract stating that if payments are not made as agreed car will be repossessed?

YES.


How might one purchase a bank repossessed car?

Buying a repossessed car today can be a great way to save money, but be careful to inspect the car to be sure there are no hidden problems since they are typically sold "as is". Some dealers specialize in repossessed cars and you can also find them at a local auction.


How do you get a repossed vehicle back?

If your car is repossessed and you want to get it back, you can contact the finance company and clear any outstanding payments. They may agree to return your vehicle to you if they have not already sold it but be warned that lenders try and sell repossessed vehicles as quickly as possible to try and recoup funds. The finance companies often sell the repossessed vehicles at a car auction. Here they can be sold "as seen" and at a lower price than market value, thus they can be sold quickly. It is often possible to find out which auction your car is being sold at and you can get your repossessed vehicle back yourself by attending the car auction and bidding.


How can you find out if your repossessed car was sold?

The lender should let you know, you can contact them and they should tell you.


Where are repossessed cars sold?

Repossessed cars are generally sold at auctions, so look out for car auctions in the local press. Make sure that you ask for a catalogue before the auction and do some research before you go to bid.


What happens if you get your car repossessed?

if i get my car repossessed, can they put a llien on the house?


In New Jersey does the borrower have to pay any loan deficit after a repossessed car is sold at auction?

Yes.


What will happen to a car once it is repossessed?

It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.


What if your car is repossessed in NC and it is not sold for the amount you owe?

Will, that's usually the case. Then you pay the difference owed.


Can you go to jail if you do not pay all of the remaining balance after a repossessed car is sold?

NO, there are no more "DEBTORS PRISONS".


Where can you find out if the car that was repossessed has been resold and how much was it sold for?

The LENDER keeps such records and will share them with you ultimately.


Can your car be repossessed due to no registration?

No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.


After car is sold by repossession company do you get a get a letter?

When your car is repossessed, what you will get will depend on your local governmental regulations. When I was in a car wreck, I was able to go by the junk yard and get my tool kit out of my car.


Can your car be repossessed if you lose your job?

No, but your car can be repossessed if you don't make the payments.


How can you locate your repossessed car?

Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.


Auto repossession laws in Nevada?

In the state of Nevada, if you do not make payments on a car you are buying, it can be repossessed with no notice given to you. Once repossessed, you will still be liable for all further payments even if the car is sold at auction to another buyer.


What are your rights in Washington State after your vehicle has been repossessed?

Pay for the car and get it back, or pay the deficiency after it has been sold.