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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.

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โˆ™ 2011-04-12 12:28:38
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Q: Do you have to pay the whole vehicle off if it is repossessed?
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Related questions

What are the Texas vehicle repossession laws?

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?


Do you have to pay the difference on a repossession car loan?

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.


After a vehicle is repossessed and you pay it off in full when does the lender have to return the vehicle to you is it as soon as its paid off or can they take a few days to return it?

If the vehicle is paid it is yours you should not have to wait any amount of time.


Will you be notified where the auction of your repossessed vehicle takes place?

likely NOT. TFC uses a wholesale auction and you wont get in. If you want to redeem your vehicle just pay it off.


Your vehicle was repossessed and sold at the auction after the fees you still owe 292 how will this reflect on your credit IF you pay it off?

It will show as paid or satisfied.


After you pay off a vehicle when it was repossessed can a lender refuse to return it unless you pay off other unpaid debts that you have with the same lender?

I think that you need to pay what you owe. You should call them and see what their policy is. I wish you luck:)


My car was not repossessed but the account was charged off what can happen?

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.


Can your car be repossessed if there are children's safety seats in the vehicle?

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.


What can happen if you don't pay a title loan and you still have the car?

The vehicle can be repossessed.


What are your rights in Washington State after your vehicle has been repossessed?

Pay for the car and get it back, or pay the deficiency after it has been sold.


Do you have to pay off a repossessed car?

Most of the time you do, YES.


Your vehicle was recently repossessed you were told that you would have to pay a 25.00 administrative fee to get your personal belongs from the vehicle Do you have to pay an administrative this?

If you want your property back, yes.


Do you have to have insurance on a repossessed vehicle?

No. It's insured by the repossesor. Matter of fact if he wrecks it he has to pay.


In California can a vehicle be repossessed if you only have 2 to 3 payments left on the loan?

Until you pay it off, yes. It is not yours until it is paid in full and the Lein Holder's name is off the title.


Can a vehicle be repossessed if the borrower does not make a good faith payment to the lender?

Most loan contracts state that if you are late, they can call the entire amount due. If that has happened and you have not paid off the vehicle, they can take back ownership of the vehicle. Your only option is to pay it off, sell it or turn it back.


If a car is repossed you do you still pay the reminder of balance?

When a vehicle is repossessed, it is usually put up for auction. If the monies recovered from the auction is not enough to cover the outstanding balance on the loan, the person the vehicle was repossessed from is expected to pay the difference. It's a bummer, but that's how it goes.


If you are the co-signer of a vehicle that was voluntarily repossessed how can you get your good rating back?

PAY THE LOAN OFF. the loan NOT being paid was what damaged your credit so start rebuilding by paying it.


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?

Likely you will have to pay the loan off after the lender sells the car. lenders have some legal options that will collect from you.


What bad things go on your credit history if a vehicle is repossessed?

Slow pay, repo, and it gets worse from there.


Can you be taken to court to pay for a repossessed vehicle?

yes, however they can only take you to court for the total intrest.


How do you get a title for a car that has been charged off for non payment?

Pay it off. It will still likely be repossessed.


What happens when a vehicle is purchased outright from a private seller and the title has a third party lien and the vehicle gets repossessed?

VICTIM buyer has to pay off the leinholder to get car. And/or sue con seller. Leinholder WILL get their money. GOOD LUCK...


Should you pay off your repo car?

You should pay off your repossessed car if you want to fix your credit quickly. If you are not worried about your credit, you can wait to pay off the car or file for bankruptcy.


Do you still have to pay a california vehicle registration debt sent this year if the car was repossessed last year?

If you had the vehicle registered before it was repo'd, of course you do.


If your vehicle is repossessed but is worth far more than the unpaid balance of your loan when they auction it off will they pay you the remainder?

Laws says IF it brings more than you owe, you get the surplus. IF it brings less than you owe, you PAY the defiency.