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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.

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โˆ™ 2005-06-28 15:22:34
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Q: Do you have to pay the difference on a repossession car loan?
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Do you have to payoff a car repossession?

Yes, you owe the difference of the amount of the loan and what the vehicle was sold for plus any costs of the repossession. You are expected to pay that amount.


How do you get out of a car loan that you don't want anymore?

Pay it off, voluntary repossession, sell the car and pay it off.


You returned a car you purchased because you could not pay for it?

That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.


What can be done to you if you have a car repossession?

Pay the bill and fees to get your car back. If you can't afford it, your bank will auction the car and you will pay the difference between what they sold it for and your loan. Your credit is also ruined, it will get better in 7 years.


How do you stop reduce wage garnishment had a car repossessed which was resolded told that i am responsible for the difference what is my legal rights?

Of course you are responsisble for the difference in what the car sold for and the balance on the loan agreement you signed. You are also responsible for the repossession fees. You defaulted on the loan and therfore must pay the difference, and that is your legal obligation. Not one thing you can do but pay up.


Can you still owe money after your car is repossessed?

Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference and will have to pay it.


Do you still have to pay the difference in the Loan?

Yes, you are legally bound to pay the difference is what the lender sells the car for and the balance on the loan.


In a repossession do you have to pay off the entire car right then or just keep making your loan payments monthly for the duration of the loan?

It would depend on the contract you signed when you purchased the car.


Can you trade in a loan car?

Yes. You must pay off the loan with the proceeds, and pay the difference if the proceeds are less than the loan.


How can you get out of a car loan without a repossession?

Sell it for what you owe if it is possible. Pay off the loan, get the title and sign it over to the new buyer. If you cannot get what you owe, then get as much as you can. Get a personal loan from the bank to pay of the remaining balance. The personal loan is better than the amount you owe on the car.


How can you stop a vehicle repossession?

Pay off the loan.


What happens Repo car and can't pay the there lowest settlement price?

They will sell the car and you will be responsible for the difference in what the car sells for and what the balance on the loan is. You will also be responsible for any fees associated with the repossession. Also, your credit will be ruined for 7 years.


What do you do car was repossed dony have money to pay?

Sorry, but you will lose the car. Repossession is they way creditors guard themselves against losing money on a loan.


What happens if insurance has lapsed with car damage before repossession?

You will have to pay the difference between what the finance company gets when they sell the car and the ballance on the loan. All it means is that the finance Co would have gotten more for the car if it hadn't been damaged so you would have owed less on the remander of the loan.


If car is repossessed do you have to pay the balance on the loan and if so how much?

Once they repo the car, the lender will sell the car for whatever it will bring. You will then be responsible for the difference in what the car brings and the balance on the note. You may even be responsible for repossession fees, and your credit will be ruined for 7 years.


What is the difference in a car loan and home loan?

The difference is that one is for your vehicle (car) and the other is for your home. For both you are being loaned money and will need to pay them back but basically that's the difference.


Do you pay what is left on the loan or what the lienholder sells it for on a voluntary repossession of a car?

On ANY repo, you pay the balance due AFTER the car is sold. Payoff = 5K, car sells for 2k, fees = 1K, you owe 4K.


Should you use your home equity loan to pay off your car loan?

I would need more details but in general, the answer is no. If you don't pay your car loan, you lose the car. If you get a home equity loan and can't repay it, you lose the house - big difference.


What happens if car repossed?

The bank or loan company will sell the car for whatever the highest bidder will pay. The amount they receive will be deducted from the balance you owed on the car. You will have to pay that difference plus any repossession fees associated with retrieving the car from you. Your credit will be ruined for 7 years because you failed to honor the contract you entered into with the lender.


Is there an alternative to repossession or bankruptcy on the 15000 you owe on your car?

If you have equity in it, sell it. If you have a relative who wants the car and has 15k, take the money, pay off the loan and sign the car over to the relative.


What can you do if you can't afford to pay for the car anymore and want to give it over and you can't even have it refinanced?

Whatever you do, do not allow this car to be repossess. Find someone who will take over the payments, even if you are upside-down on the loan and have to pay them something to do so. Defaulting on the loan will ruin your credit for 7 years and you will still have to pay the difference in what the lender sells the car for and the balance on the loan, plus repossession fees. A very, very bad thing for you. Do whatever it takes to avoid it being repossess.


You have 2 cars financed with same company you are giving 1 back can the finance company repo the other as long as you pay for it?

No, as long as you make the payments and do not default on the loan agreement on that vehicle they cannot take it. You will however be required to pay the deficiency on the loan of the car you are voluntary turning in. They will sell the car and you will pay the difference in what it sells for and the balance on the loan plus any fees associated with the repossession. Your credit will also be ruined for 7 years.


Can you be sued for a car you bought from a buy here pay here lot that you called them and told them to pick the car up because you could no longer afford the payments?

This is called defaulting on a loan. You will pay in the end. You will pay the difference in what they sell the car for and what you owe on the vehicle. And believe me they don't care what they sell the car for. Why should they as they know you are going to pay the difference. Your credit will also be ruined for 7 years. Are you beginning to see just how dumb it is to tell them to pick up the car and default on the loan. Another word for this is repossession. Get the car back and make the payments, or at the very least talk to the lender and explain your situation. They can restructure the loan so you can afford the payments. You do not want to allow the car to be reposed.


What to do to after a car repossession?

nothing pay your money


What happens if you return a car?

You cannot return a car you have purchased. If you do they will just put it in storage, charge you for everyday it is there, and then the lender will repossess the car for non payment of the loan. They will sell the car and you will then have to pay for the storage fees, repossession fees, and the difference in what the balance on the loan was and what they sold the car for. Bottom line is that you bought the car, you own the car, and you are stuck with the car. Don't like it then sell it. There is no cooling off period on the purchase of a vehicle.