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.
If i have a vehicle repossessed in the state of texas, is there anything that requires me to pay off balance after vehicle is sold at auction?
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 the vehicle is paid it is yours you should not have to wait any amount of time.
likely NOT. TFC uses a wholesale auction and you wont get in. If you want to redeem your vehicle just pay it off.
It will show as paid or satisfied.
I think that you need to pay what you owe. You should call them and see what their policy is. I wish you luck:)
The vehicle can be repossessed.
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.
Most of the time you do, YES.
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.
No. It's insured by the repossesor. Matter of fact if he wrecks it he has to pay.
Pay for the car and get it back, or pay the deficiency after it has been sold.