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.
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.
not if you still owe money on it
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
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.
If you still owe money, it may be repossessed at any time.
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.
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.
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.
You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.
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.
As long as you owe them money they can take it.
YES Yes, you owe them money or yes they owe me the title if it has been written off? Thanks for your help.
In most cases, YES
They will auction the car and you will have to pay the difference of what you owe and what the car sold for.
Yes, when they auction it you will get back money if there is any left after the banks recovery expenses and the money you owe them. That is assuming the car is worth more than what you owe.
Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference and will have to pay it.
Sell it privately for what you owe on it.
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."
If the car is being repoed then you owe something.
Yes. For any amounts not recovered insluding repo costs.
YES, sorry btdt
Yes, if the current value of the car is not enough to settle your outstanding loan + any charges that have been added leading up to the repossession.Think of it this way -You borrowed MONEY to get the car. You owe back this MONEY not the car (because the value of the car is going down all the time while you are using it and it is getting older)If you fail to pay back the MONEY they have a rite to take back the car as an asset against this MONEY you owe.If when the car is resold it does not sell for enough MONEY to pay off your debt, then you still owe the people some more MONEY.
Yes, the police can seize a car that you still owe money on. Though, they have to have a valid reason for doing so or if they have a court order.
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.
Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.