It might get repossessed.
The vehicle can be repossessed.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
Loan and security will always be active against the vehicle. It never goes away until paid or repossessed. Yes, the collateral may be repossessed at any time.
YES! Including any interest.
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.
Actually, if you move quickly, you can still secure insurance on the vehicle. Here's what you do:You will need the vehicle registration, so if you are like the 99% of us out here who leave it in the glove box, go claim your property and get the registration.With the registration, get your insurance.renew your tagsClear it with the court.If after a couple days you do not intend to redeem the vehicle, cancel the insurance.
Provided the lender still holds the lien on the vehicle, it will still be repossessed and you will find you have a problem with a former friend.
If you have defaulted on your loan and not returned the vehicle, then you have basically committed a theft.
Yes most likely. If the lender is still on the title, if not then they cannot, without some sort of court order.
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.