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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:)


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

The vehicle can be repossessed.


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.


Do you have to pay off a repossessed car?

Most of the time you do, YES.


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.


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.


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.

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