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Do you still owe the money for the car if they have repossessed your car?
Wiki User
∙ 13y ago
You would owe any payments not made up until the day the car was taken. So, if you hadn't paid for two months and they took you car, you would owe those two months.
The borrower would owe all back payments and penalties plus any difference in the amount of the loan and the amount for which the vehicle is sold.
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You have to take into consideration that the lender might not be able to sell the car and get enough from the sale to pay off your loan. So if there is a discrepancy between what you owe and what they sold the car for then you owe the balance.
When a car has been repossessed, the purchaser is liable for any balance that remains on the car if it is sold by the lender. The balance that the lender is looking to collect will include the fees charged to them by the repossession company, storage com, and the selling agency if they do not sell the vehicle themselves. Additionally, interest will continue to accumulate on the balance until the car is sold or the original owner re-assumes it.
If the car is sold for enough money to cover the balance then the original purchaser will not have to pay any past due payments. If the car sells for less than the balance due, the original purchaser will be liable for the balance and interest will continue to accrue on this.
Wiki User
∙ 13y ago
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Can your car get repossessed after bankruptcy?
not if you still owe money on it
Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
You owe money on a repossessed car but the car was refinanced to someone else do you still owe?
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.
Can your car be reposessed after six years?
If you still owe money, it may be repossessed at any time.
Can you still owe money after your car is repossessed and you are bankrupt?
You still owe the balance after the insurance money is paid, if there is a balance. You can only get rid of it, along with your other unsecured debts, by filing bankruptcy.
Can you still owe money on a car that was repossessed and resold to another buyer?
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.
Can you buy another car even though is repossessed?
If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.
In Utah can your wages be garnished for a car that was repossessed?
You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.
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.
Can a car be repossessed when 1 payment is left?
As long as you owe them money they can take it.
If the lender has written the car off and not repossessed it do you owe them money?
YES Yes, you owe them money or yes they owe me the title if it has been written off? Thanks for your help.
Can the lender collect the rest of the money you owe on a car that they repossessed?
In most cases, YES
