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You have to pay off the debt. The car itself will take car of part of that when the lienholder sells it at auction. You'll have to make up the difference between what it sold for and what you still owed (and you'll have to pay for the repossession expenses also). If by some miracle the car sold for more than the debt and the repossession expenses, then you should get a check back for the balance.
However, how they'll handle this is almost certainly not by having you "finish payments". Call the lienholder and find out what they want you to do.
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∙ 10y ago
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When does your car get reposessed?
When you fail to make the car payments. Usually the bank or financial institute that holds the lien will give you fair warning for payment and then they will tow the car if no payments are made.
In Indiana if a car is reposessed and you only owe a few payments and the vehicle is sold at an auction do you get any of that money back?
lol no
Should you buy reposessed car?
I would avoid purchasing a reposessed car because in some cases, cars that are reposessed are trashed. I had a friend who looked at a car that was a repossession and there were things missing from the car (radio with CD player). I would avoid purchasing a reposessed car because in some cases, cars that are reposessed are trashed. I had a friend who looked at a car that was a repossession and there were things missing from the car (radio with CD player).
What do you need to do after your car is reposessed?
get a new car and get a life
Can your car be reposessed if you are in hospital?
Yes
Can a car be reposessed if the loan taken out on the car is much less than what the car is worth eg i have 7200 for a car and i only need about 2000 so if i default can my car be reposessed?
Yes.
When can a car be reposessed even when the payments are made?
If it goes into impound, the car can be repossessed. If the car is not retrieved from impound, then the agency which put it there files their own lien, which takes precedent over any other lien already existing on the vehicle.
Can you get in trouble for taking a car out of state that is supposed to be reposessed?
no
Can a car be reposessed after judgment?
Whether or not a car can be repossessed after a judgment depends on the judgment.
Need to fine my car it got repo?
i havent made payments on my car since january 2012. how can i check if my car is going to be reposessed for non payment. without calling the company i bought it from. is thetre a ;list of cars by make and license plate numbers
Our friend bought a car for his girlfriend and they broke up you took over the car payments for him The car has been reposessed can you get the car back?
The only person that can get the car back is the one who signed the lien(and/or cosigner) with the bank and/or lender with proper I.D. If your lucky,the bank and/or lender will require all past due payments, or more often they will require the remaining total balance of the loan.You have very limited time to do this.
What will happen if you dont give up your reposessed car?
They will come and take it.
