answersLogoWhite

0

Repossession
Personal Finance
Loans
Money Management

If a car is repossessed does the loan still have to be paid off?


Top Answer
User Avatar
Wiki User
Answered 2015-07-15 20:09:01

Yes.

The car will be sold at a public auction and the borrowers will be responsible for any difference between the selling price and the loan balance plus the allowable repossession and other fees.

The lender is legally required to make a reasonable attempt to get the fair market value of the vehicle, unfortunately this does not always happen and that sometimes leaves the borrowers with a substantial amount of debt to repay.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Loading...

Still have questions?

Related Questions

How can you get your car back if you paid the car loan off but haven't paid the interest that occured over the years off and they still came and repossessed your car?

The car was repossessed one week before being off, now the creitor wants to charge me repossesses fees.


If spouse buys you a car can dealer come take car if he is not paying on the loan?

Yes a vehicle can be repossessed if the loan is not being paid on.


If you have never had a car repossessed you have had a house repossessed Can I still get a car loan?

Most likely not depending on what financial situation you're in.


What can happen if you don't pay a title loan and you still have the car?

The vehicle can be repossessed.


If your car was repossessed and you paid the loan off do you get the title?

If your car was paid off, then why was it repoed? Or if you mean you paid it off after it was repoed, then if the loan company accepted your money,then they have to give you the car and title back. I would call them and get it back or your money back.


Can your car be repossessed if you have paid 75 percent of the loan?

Yes, if you don't comply with the terms of the lending agreement.


Do you have to pay the difference on a repossession car loan?

Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.


Can you still owe money after your car is repossessed because of the recall?

If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.


What happen if you can not pay your car loan?

When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.


Can a cosigners credit get the car repossessed?

As long as the loan for the unit is paid each month, the collateral will never be repo'd.


Can a car still get repossessed after 6 mths of not paying the note?

Yes. If you have not paid for it then it is not yours.


Can you still owe money on a car that was repossessed and resold to another buyer?

yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.


If a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?

Yes. If you signed the loan, you are still legally responsible for it.


If a car is repossessed and the loan is paid in full and you get your car back do you still have a repo on your credit report?

IF the lender posts a repo on your CR, you have one. You will have the repo on your credit report, but it should also show up as "redeemed".


Can your car be repossessed if there are children's safety seats in the vehicle?

Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.


Can your car be repossessed on a title loan after gone into collections?

Yes, your car can be repossessed if the title loan is in collections. Actually, this is one of the most common ways for a defaulted title loan to be settled.


Do you still have to pay part of the loan depending on the value of the car if it is repossessed in California?

YES, you pay all the loan amount, sooner or later.


If you already have the title to your car but the loan has not been fully paid can it be repossessed?

As long as there is a security interest in your car, YES, it can be repoed if the loan is not paid. Just think how many people would buy cars today if your situation happened everyday.


If your car is repossessed do you still have to pay for it?

The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.


If your car is repoed do you have to pay the loan back to the bank?

If the banks car (they own it until the loan is paid off) is repossessed and is in their possession, the loan terminates and you own no additional monies. However, any and all monies you paid up to that point you forfeit - in other words, there will be no refunds to you.


Do you have to pay the whole vehicle off if it is repossessed?

Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.


Who pays the loan if a car is repossessed?

The one who BORROWED the money and/or the on who COSIGNED the loan.


Can you get sued for the balance of your car loan after the car is repossessed and sold?

Yes.


Is a repossession marked on your credit report when the car is repossessed or when the loan is paid off?

Think about it. IF the lender waited until the loan was paid off,zillions of repos would NEVER be reported. Sooo, they report them as they happen.


Does a person who shares the title on a car but who is not on the loan have any legal responsibilities if the car is repossessed?

NONE on the loan.