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Theoretically yes (though what the car is resold for is applied to the balance of the debt as a credit). However, lenders know their chances of getting that money are slim to none, because if you'd had the money you would have been making the car payments in the first place. So they tend to try to not repossess cars until they're pretty sure that if they don't they won't get anyof the money back.
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∙ 10y ago
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If your car is repossessed do you still have to pay for it?
The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.
What if you pay 95 percent of your car loan and you stop paying Can it be repo?
Yes! Even if you've payed 99.999999...% your car will still be reposessed.
When a car is repossessed in Texas do you still have to pay the loan?
The car will be sold to satisfy part of the loan. Any money left over after paying for the repo man, and any admin costs will go toward the loan. After that, whatever is left on the note is your responsibility. You STILL have to pay off the loan unless you file bankrupcy.
If you had a car repo do still have to pay?
Definitely yes
If your car was repossessed and the balance is still 9760.61 but over the length of the loan of 72 months you were to pay 10967.78 in interest do you still have to pay if it is all interest?
Yes. Some is likely repo fees.
Can you go to jail if you don't pay for your car loan?
maybe, but first there gonna just repo the car
If you cosigned on a car loan and the car got repoed can you get the car back if you pay the loan off?
Yes, You are still considered a signer of the note. You will have to pay repo costs and any other charges that may have occurred, but you have every right to get vehicle back. talk to your bank where the loan was processed and they should help.
When in chapter 13 and the pay off money is at the court trustees office to pay off loan can they still repo the car?
If you are currently in Chapter 13 and you HAVE NOT signed a relief of stay, they cannot repo vehicle. If you signed a relief of stay for that vehicle loan, then get your stuff out and leave the keys in the ashtray.
What happens when they repo a car and loan is still owed and they put car up for auction Who is responsible for the balance of the car loan?
I'm not sure if this is valid in every state, but I believe that if the car is sold at an auction, you will still be liable for the left over balance. If the car is sold at an auction and the sell price covers the balance of the loan then, I don't think you will need to pay anything else. Maybe some fees for the repo. I "think" this is how it works
Five years later do you have to pay back the loan on a car repo?
yes this goes on your history report
Can a bank repo a car after the contract has expired and you still owe money on the loan?
A contract for a car loan does not expire. A borrower must pay the balance on the loan in full, according to the terms, in order to take ownership of a car. A lender can repossess a car at any time due to a default on the loan, even if there is only one payment left.
What can you do to stop car repo overseas?
There are a number of things that you can do to stop a car repo oversees. One of the best options is to ensure that you pay up the entire car loan and any other relevant charges.
