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If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.
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∙ 11y ago
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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.
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.
In New Jersey does the borrower have to pay any loan deficit after a repossessed car is sold at auction?
Yes.
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".
Can a car be repossessed from a car dealership?
if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed
Your car was repossessed. you have to make an offer of payment. if they do not accept the offer can they force bankruptcy?
They can't force you into bankruptcy, that is a choice you have to make based on your ability to pay your debtors. When a car is repossessed it is sold and you have to pay the difference between what you owe and the cars sale price.
If the creditors repossessed a car and then sold it at an auction can you be made to pay for the rest of the money that they didnt get out of the auction?
Yes, you will have to pay the deficiency plus repossession fees. Your obligation was the balance on the loan no matter what the car actually sold for. If you do not pay they will sue you and you will loose in court.
Do you have to pay the balance after the car was repossessed and sold 3 yrs ago?
IF the lender obtained a judgment for the balance due, YES.
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.
Do have to pay the difference on a repo car?
Yes. If you take out a car loan, fail to make payments, and the car is repossessed, you will have to pay the difference between the price the lender received at auction and the balance remaining on your loan.Since repossessed cars are usually sold at wholesale auctions, the difference can be thousands of dollars.
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?
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.
