Money Management

Do you still have to pay part of the loan depending on the value of the car if it is repossessed in California?


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2015-07-15 18:46:51
2015-07-15 18:46:51

YES, you pay all the loan amount, sooner or later.

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A car can still be repossessed if it has scratches or some slight damage. The current value of the car is normally used when netting off the debts.

Depending on your state, the LENDER can get a JUDGEMENT and attach your "paid for" car(or anything else of value in your name) so when you sell it, they will get paid first.

Yes, as long as it has some value

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.

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When your car is repossessed, they sell it for what they can get. Value has nothing to do with what price it brings. They simply get what they can. You are then responsible for the difference in the amount they sell the car for and the balance on the note. Your credit is then ruined for 7 years. This is why having a car repossessed is a horrible idea, and should be a last resort.

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Continue to make the payments if you value your credit score Otherwise it will be repossessed running or not and that's a big black mark on your credit

Yes. If there is a difference between the value of the vehicle and the balance still owed on the loan, plus applicable fees and interest, it must be paid by the borrower. However, the actual value of the vehicle may not be the amount that it is sold for even though the lender/seller is legally required to make a reasonable attempt to get the market value.

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Yes. The charge might be grand larceny depending upon the value of the vehicle, amount received for the parts and other extenuating circumstances.

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I can can be legally repossessed no matter where it goes in the USA. As long as the repossessor can find the car and identify it as the one to be repossessed. It may not be cost effective if it is a long distance unless the vehicle is of greater value than the cost of returning it and paying someone to do that. They can also wait until you return.

Yes. If the car's value at repo was under what you owed they can get the difference, court costs and interest.

Once a car is repossessed, the bank resells it at auctions to make back the money lost on them.

In MOST cases, YES. PS. Its not the "value claimed", its the diiference between what you owe and what the lender sells it for.

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