Repossession

Do you have to pay the whole vehicle off if it is repossessed?

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2011-04-12 12:28:38
2011-04-12 12:28:38

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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Related Questions


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.

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

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

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.

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.

Most of the time you do, YES.

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

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

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.

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.

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.

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.

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

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

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

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.

yep....pay it off so they cant


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