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When a vehicle is repossessed, it is usually put up for auction. If the monies recovered from the auction is not enough to cover the outstanding balance on the loan, the person the vehicle was repossessed from is expected to pay the difference. It's a bummer, but that's how it goes.

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โˆ™ 2008-12-27 02:25:00
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Q: If a car is repossed you do you still pay the reminder of balance?
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Related questions

Can a lender charge you interest in Michigan on the remaining balance of a car repossed?

It is still a loan. as long as you owe, interest accrues.


What happens to payments made after a car is repossed?

Payments made after a car is repossessed will no longer be returned to the debtor. In fact, the lender can still require the debtor to pay the remaining balance of the loan.


Who is liable if parts are sold from a repossed car?

The person or company that repossed it.


What happens when your car is repossed?

The company physically takes possession of the car. They sell the car, and apply the sale price to the outstanding loan. You are then responsible for the remaining balance.


If your car is repossed but you still own money do you still have to pay?

Generally speaking, yes. It probably varies a little from state to state, but usually, the finance company repos the car then sells it at an auction and deducts the amount from the sale from the amount you owe. Then, at some point, they will sue you for the remaining balance.


Can my car get repossed from a private parking lot?

Yes, it can.


If your car gets repossed can you get your possessions that you had inside?

yes


How do get your repossed car back in Arizona?

Pay what you owe.


How do you find out who repossed your car?

The lender who holds the note on your car, is the one that repossessed your car.


If you still owe a considerable amount on your car that isn't running should you continue to make the payments and insurance or voluntarily surrender it or sell it and take out a loan for the balance?

Sell or continue to make the payments. Do not let the car be repossed. This would hurt your credit and is the last thing to do.


Can a military members car be repossed?

Anyone's car can be "repossessed" if they don't make their car payment.....


What happens if I can't payoff my car by the maturity date?

get repossed

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