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Do you have to pay the difference on a repossession car loan?
Melissa13
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.
Wiki User
∙ 18y ago
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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
