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Do you have to pay off a repossessed car?

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Answered 2015-07-15 18:37:59

Most of the time you do, YES.

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Will be repossessed, be patient. You either pay off, or pay off. No longer able to make payments. They will repossess the car and sue for the difference. Sorry.


You should pay off your repossessed car if you want to fix your credit quickly. If you are not worried about your credit, you can wait to pay off the car or file for bankruptcy.


if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed


that's the point of repossession. you cant pay, they take it away.



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.


yep....pay it off so they cant


Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.


IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the 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.


CALL the lender or better yet, VISIT the lender with CASH ready to pay off the car.


Most of the time when a car get repossessed you will still have to still pay monthly payments. In some cases you will not have to continuing paying.



In almost all cases, YES. At the very least you will pay the difference in what the car sells for and the balance on the note.


Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.


dont pay the payments ever


If your was repossed you need to call the car company and pay your car




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



Pay the company for the car, like you should have during the time you had it.


The former owner of the car, now still owner of the DEBT, gets to pay the debt. The leinholder will likely get a judgment for the balance due and proceed to collect. Uless your name is 'turnip", you will pay.


If the heirs at law want to keep the car, they must pay off the loan. Otherwise, the car would be repossessed by the lender.


You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.



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