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Yes. You owe the amount of the unpaid loan, minus whatever they get when they sell it at auction (very little), plus their costs.
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∙ 15y ago
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When a bank repossess someones car?
As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.
Can a mechanic repossess a vehicle if money still owed?
if you owe them money they generally will not release your vehicle to you in the first place
Can the bank repossess your car after the loan matures and you still owe?
If you still owe on the car (whether matured or not), the bank can take it if you don't pay. It belongs to them until the loan is paid and the title is sent to you.
When can a bank repossess someones car?
When the owner defaults on the loan payments
Can a car dealership repossess your car if they say you owe them more money for a down payment?
A dealership can only repossess your car if you do not pay in accordance with the sale agreement. If you did not pay the agreed down payment, the car may be repossessed.
Can creditors force you to sell your car if they have a lien on it?
No, they cannot. But if you borrowed money to buy the car, they can repossess it if you do not square things up. If they take it, they can sell it for you, and you will still owe the difference between what it sold for and what you had left to pay on it.
Can they repossessed the car if you just owe the last payment?
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
How do you get rid of a car on which you still owe money?
Sell it privately for what you owe on it.
Your car was repossessed but i got it backi still owe late fees though can they repossess the car a second time?
YES, sorry btdt
If you default on your auto loan will you still owe money?
Yes. Not being able to pay a loan doesn't absolve you from it. They may repossess the car if the situation calls for it, but you'll still own any back payments.
Can your car get repossessed after bankruptcy?
not if you still owe money on it
My car was repossessed over a yr ago Can legal action still be taken against you?
So here is an example of what can happen when a creditor repossess an item. "If an item such as a car or furniture is repossessed, the creditor can then sell it. The money from selling the item is applied toward the money you owe. The creditor can still try to get any money you owe after the sale of the item. The terms of your contract might even add charges for the costs of repossession and sale."
