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yes they will aucaution it off for pennys on the dollar and then they will sue you for the rest or garnish your wages
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∙ 16y ago
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How do you get a car loan to pay for your reposessed car?
Go to the individual banks, and credit unions, and talk to them.
What if you pay 95 percent of your car loan and you stop paying Can it be repo?
Yes! Even if you've payed 99.999999...% your car will still be reposessed.
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.
After a car is voluntarily reposessed can a collection agency threaten legal action if they have accepted payment arrangements from one signer?
roosta Once the loan is in default, the lender can seek payment from ANY signors to the loan. After the car is sold, there is NO collateral for the loan except the ones who promised to pay . It is now time for them to pay.
After a car is reposessed and sold for more than you owe on the loan who get the difference?
if your car is repoed,and sold for more than you owe, you get the extra. this is fed. law. if sold for less,you pay the diff.
Are you required to pay for the car after the car has been reposessed?
You will be required to pay for the remaining loan amount after the vehicle is sold at auction and the expenses are recovered from the auction. In other words, you will probably have to file bankrupcy if you owe very much.
Can a car get reposessed without consent?
Oh, but there is consent. When you signed for that car loan, or you agreed to let a lien be on that car, you consented.
Can a car be reposessed if its under another persons name?
The car can not be under another's name legally. Cars with a loan must be in that person's name. If you bought a car that was not paid off and the loan was not cleared you bought the car and the loan. Yes, they can get the car. That is why they put liens in the car. It prevents anyone from buying the car!
After having your car reposessed how hard will it be to try to buy another car?
It is not hard.You will have to pay a higher rate of interest.A better way to go is to lease to build your credit back up.An even better way to go is to buy outright and save your money.Remember that the repo stays on your credit whether or not you continue to pay for the car or pay the loan off it is still there.
Can you still buy a car if you have on your credit report that you had a car reposessed?
Yes, IF you pay more down payment and higher interest rates.
If a creditor is taking your car to be sold as payment and you still owe money on the car what happens once it is sold at auction does part of the money go towards repaying the loan on the car?
Yes. all of it should go toward repaying the loan. That is why they reposessed it...because of the delinquent loan.
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).
