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If a car is repossed you do you still pay the reminder of balance?
Wiki User
∙ 15y ago
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.
Wiki User
∙ 15y ago
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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.
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.
Where is the car after repossession?
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.
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.
Can my car get repossed from a private parking lot?
Yes, it can.
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.
Your car was repossessed how can you get your car back?
If your was repossed you need to call the car company and pay your car
If a car is repossed are you still responsible to pay for the remainder due on the car?
Yes. You are also responsible for repo fees, storage, auction and collection fees. You pay for it all.
Do you have to pay for vehicle after being repossed and loan not 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.
