If a car is repossed you do you still pay the reminder of balance?


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2008-12-27 02:25:00
2008-12-27 02:25:00

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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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 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.

The person or company that repossed it.

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.

If your was repossed you need to call the car company and pay your car

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

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

Yes. You are also responsible for repo fees, storage, auction and collection fees. You pay for it all.

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.

You can trade your car in, however the loan balance must still be satisfied.

Yes, you still have to pay. You signed a agreement stating that you would pay for the car. So the balance that you pay is the cost of the repossession and the cost of the vehicle after it is sold. No! Then company will try to scare you but you don't have to pay it because its still going to be on your credit report.

In Chicago, IL if your car is repossed by the dealer do you still have to pay back the money for the car?

You owe the difference in what the car sells for and the balance on the note.

whatever the worth is of the car or more

Anytime there is a balance due, you can pay off that balance.

Nope. Nothing bolted or wired. They are now part of the car. Sorry.

Yes, if other terms of the contract are breached, such as having no car insurance.

you should probably call your bank. or whoever loaned you the money for the car. they should know where it is

No u can get ur car repossed any day and any time.

Yes, a car can reposed no matter where it is, unless it is in a garage. IE car park, under a tarp, etc.

Yes, and they will. The can garnish up to 25% of your wages.

More than likely, however you will still end up owing a balance on the car and the primary signer and co signer will still be responsible for the balance.

You need to be asking the lender this question. They can tell you exactly what to do to get your car back.

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