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If a car is repossessed does the loan still have to be paid off?
Wiki User
∙ 8y ago
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.
Wiki User
∙ 8y ago
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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 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 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.
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".
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.
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.
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.
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.
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 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.
