Best Answer

3 or 4 options.1. Pay it off completely after it is sold and the lender tells you "PAY US NOW".2. tell Lender you are financially embarrassed and will pay it in installments. (IF you would do that, you would pay them now and not get repoed)3. Pay the lender what you can IF they agree to it.4. Wait until the lender gets a judgment for the balance owed and garnishees your wages.Lucky #5. Declare Bankruptcy.

User Avatar

Wiki User

โˆ™ 2011-09-12 21:02:59
This answer is:
User Avatar

Add your answer:

Earn +5 pts
Q: If a car is repossessed what are the options to pay this debt?
Write your answer...

Related Questions

After a car is repossessed what happens to the owner of the car does he have to pay it off or what happens?

The former owner of the car, now still owner of the DEBT, gets to pay the debt. The leinholder will likely get a judgment for the balance due and proceed to collect. Uless your name is 'turnip", you will pay.

If you had a car loan that included a 4000 credit card debt and the car was repossessed and there is a 13000 deficiency do you have to pay the full amount or do you have any recourse?

Yes, you still own the debt.

Can a car be repossessed from a car dealership?

if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed

Can my deceased father's car get repossessed?

If there is debt and the estate isn't paying for it, yes. The estate should make arrangements to resolve the issue. If they don't pay the loan, it can be repossessed.

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.

How can you locate your repossessed car?

Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.

Do you still have to pay a california vehicle registration debt sent this year if the car was repossessed last year?

If you had the vehicle registered before it was repo'd, of course you do.

If you purchased a vehicle for your son in your name and it is repossessed what will happen to you after the car is seized?

Likely you will have to pay the loan off after the lender sells the car. lenders have some legal options that will collect from you.

How can you get your car repossessed?

dont pay the payments ever

How can you keep a collection agency from taking your car?

Pay off your debt.Pay off your debt.Pay off your debt.Pay off your debt.

Can you get a repossessed car back without paying the entire loan?

It is very difficult but if you have a good relationship with the bank they may allow you if you pay some of the debt down.

What are your options if a car was repossessed and a bill is received 2 years later for 15000 dollars?

2 that you want to consider. PAY it or file B/K.

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

Do you have to pay off a repossessed car?

Most of the time you do, YES.

My Car was repossessed what do I owe the bank?

They will auction the car and you will have to pay the difference of what you owe and what the car sold for.

How do you get your car out of impound if it was repossessed?

Pay the company for the car, like you should have during the time you had it.

My car was not repossessed but the account was charged off what can happen?

Will be repossessed, be patient. You either pay off, or pay off. No longer able to make payments. They will repossess the car and sue for the difference. Sorry.

If your car was repossessed and your father co-signed for it and he is filing for bankruptcy will this be discharged?

Good news and BAD news. It WILL be discharged for him. It WONT be discharged for YOU. You will be expected to pay the WHOLE debt.

Would you be able to go through a debt consolidator to pay off what you owe on a voluntarily repossessed car?

IF the Lender agrees to it, yes. IF it gets the lender money, they will likely agree.

Can your wages be garnished in the state of Georgia to pay for a repossessed car?


How soon can you buy a car after a car has been repossessed?

You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.

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.

What happens to your credit when your car is repossessed?

You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.

If you cosign on a loan and they don't pay the bill and the car gets repossessed are you able to go after the primary debtor in court to make them responsible for any outstanding debt?

No. You cosigned on the loan. You are the bank's back-up payment if the first person defaults on payment and you become responsible. That is why it is very important that you trust the person you cosign for or you have the funds to pay for the car if they default. If you pay for the car, it becomes yours. Before it was repossessed, the bank should have notified you in writing. Then you have the option to take the car and pay for it. Both credits will by hurt substantially.

If car is repossessed does the owner have to still pay original cost of car?

In most cases YES