They will auction the car and you will have to pay the difference of what you owe and what the car sold for.
Maybe, if you have the original, but, it is ultimately up to the bank.
Yes you can make profit on the car if you buy it from the bank.
Sure, but you might have trouble getting the loan to buy it due to the fact that your other car got repossessed by the bank that gave you another loan.
When a car is repossessed it usually means the owner is no longer able to make the payments. It is repossessed by the dealer or the bank in which to owner has the loan through.
Does the bank have your current address and/or phone number? They will be calling on you.
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.
The bank/lending company are the ones who repo your car the repo chimps are just their agents.Your bank should tell you.
The person who bought the car didn't make payments so the bank takes it back.
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You don't. The car will go to an auction, and the highest bidder will win it.
When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.
When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy
Of course, it won't legally be your car however.
There may be more to it. Call the banks legal department and ask them for cause.
If your car has been repossessed by the bank for missing payments, the quickest and most efficient way to retrieve your vehicle is to contact the bank and make your back payments. When contacting the bank about back payments see if there is a new payment plan system that you can set up with them that is more beneficial to you, to avoid having the car repossessed again.
Unless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.
I wish I knew
The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.
They do not have to notify you. You have no legal rights regarding car.
NO. It can be sold any way the bank wants it to be sold
if i get my car repossessed, can they put a llien on the house?
The length of time that a car payment can be late without being repossessed will depend on the bank or car dealers agreements. Payments made after a month may be in jeopardy of being repossessed.
Your car can definitely be repossessed because of nonpayment. The bank can actually send a company to repossess your car.