Do you have to pay off a repossessed car?
Most of the time you do, YES.
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…
If you allow a car you cosigned for to be repossessed then pay off the balance after it is auctioned will it still affect your credit?
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.
After a car is repossessed what happens to the owner of the car does he have to pay it off or what happens?
Mother purchased a car and was making payments she died and still owes on it. what happens to the car?
If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?
If you purchased a vehicle for your son in your name and it is repossessed what will happen to you after the car is seized?
It depends. Normally, if you car was repossessed, the finance company will "write off" the balance, but that does not mean you don't have to pay it. The company normally sells the car at an auction and you owe any deficiency balance. In other words, if you owe $10,000 on the car and it only sells for $6000, you will owe the $4000 difference.
How can you get your car back if you paid the car loan off but haven't paid the interest that occured over the years off and they still came and repossessed your car?
What if your car was repossessed and the lien holder charged it off but sold the debt to someone else?
If you pay your entire balance after your car is repossessed and the car is returned to you why will the lender report negative on your credit report?
If you agree in divorce papers to make the car payments until it is paid off but your ex-wife does not pay the insurance what can you do?
After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?
yes - as long as she get's them the money to pay it off any way - before they get the car she will be ok - she can trade it in, pay it off with cash, refinance it, etc. The trouble is if she is behind on the payment, other auto lenders are probably not going to want to lend her money on another car. THey will want to know if she can't pay…