It might get repossessed.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
The vehicle can be repossessed.
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.
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.
YES! Including any interest.
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.
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.
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.
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.
As long as the contract is in DEFAULT, the collateral CAN be repossessed. One dollar or one day. Its a GAMBLE you take when you are in default.
It will show as paid or satisfied.
Once the agent takes possession of the vehicle, they are responsible for any damages which occur.
No, you no longer have anything to trade (the car is now the property of the repo company not you).
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.
I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
Yes. Even after the vehicle is sold, you'll still owe them the remaining balance of what you borrowed, and they'll continue to call.
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
Well, if the title lists no lienholders, it cannot be repossessed. If it lists one, it would be best to surrender it or don't keep anything in it of value. Yes. Even if the lien is not recorded on the title, it hass probably still been filed with the state.
YES, you pay all the loan amount, sooner or later.
Yes. When a vehicle is repossessed, the lienholder has to try reclaiming what they can of the loan that was made for the vehicle. A repossessed vehicle typically gets sold at wholesale auctions, and the amount paid for it is typically substantially lower amount than what's owed on the lien. You as the lessee are still liable for the remaining balance owed on the vehicle, plus the fees for repossession, storage of the vehicle, auction fees, etc.