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.
It is still a loan. as long as you owe, interest accrues.
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.
The person or company that repossed it.
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.
Yes, it can.
Pay what you owe.
The lender who holds the note on your car, is the one that repossessed your car.
If your was repossed you need to call the car company and pay your car
It depends, but as a general rule, the finance company that repossed it will keep possession of it, either on their own lot or at an auto auction for a certain number of days (usually 30-60) unless you pay the balance to get it back. After that, they will send sell it at auction and you will owe any deficiency balance. In other words, if the balance on the car is $7000 and it sells at auction for $5000, you will still owe $2000 to the finance company.
Yes. You are also responsible for repo fees, storage, auction and collection fees. You pay for it all.
Anyone's car can be "repossessed" if they don't make their car payment.....