0
Do you still have to pay on your repossessed car or what happens?
Wiki User
∙ 13y ago
When you fall behind on your car payments the bank will put out a repo notice, you then have so many days to contact the bank and either make payment arrangements with them to pay back the money you owe, or to pay off your loan in full.
If you do not contact the bank, or if it's already been a while since they repo'd your car, what happens next is the bank sends your car to an auction.
They will then auction your car, and for example say they get $10,000 in the auction, but you still owe $15,000 on your loan... the amount that you will still owe the bank would then be $5,000 plus the fee for the auction, the fee for the towing company who picked up your car and any storage fees, plus the money you defaulted on in the first place... for example 3 months of car payments that you were behind.
They will send you out a notice to your last known address telling you how much you owe, how much they got in the auction, the balance after the auction, and then the fees I mentioned added on top of this.
You will have so many days to pay them this amount, if you don't they will put this onto your credit report and in some cases they will take you to court to sue you for the balance remaining.
The judge will then order you to pay the money, or to make payments, if you still don't comply you could then be found in contempt of court and face additional fines and even jail time.
It will now be very difficult for you to get another car loan from anywhere for the next 7 to 10 years since they will see your repo as soon as they run your credit report and with the way our economy is these days, there will not be a bank willing to put their money up on a loan to someone with a bad record of not paying back what they borrowed in the past since no bank will want to take the chance on losing their money too.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
After a car is repossessed what happens to the owner of the car does he have to pay it off or what happens?
The former owner of the car, now still owner of the DEBT, gets to pay the debt. The leinholder will likely get a judgment for the balance due and proceed to collect. Uless your name is 'turnip", you will pay.
If car is repossessed does the owner have to still pay original cost of car?
In most cases YES
What can happen if you don't pay a title loan and you still have the car?
The vehicle can be repossessed.
What happens to payments made after a car is repossed?
Payments made after a car is repossessed will no longer be returned to the debtor. In fact, the lender can still require the debtor to pay the remaining balance of the loan.
Can a car be repossessed from a car dealership?
if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed
What can you do if a 'buy here pay here' reports your car as repossessed but you still have it?
Offer to buy it.
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.
I was two months behind but still pay a payment every month. can the car still get repossessed?
If they are accepting your payments, they probably won't take your car.
How can you locate your repossessed car?
Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.
What happens after a repossession?
After a repossession, you will need to pay a fine usually. For example, if this was a car being repossessed, you would have to pay a certain amount to get it back.
If you allow a car you cosigned for to be repossessed then pay off the balance after it is auctioned will it still affect your credit?
IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.
Are you still responsible to pay off the remainder of your car balance once it is repossessed?
YES. Read your contract.
