answersLogoWhite
Ask
Auto Loans and Financing
Repossession
Liens

If a car is repossessed what are the options to pay this debt?

394041
Answer

Top Answer
User Avatar
Wiki User
2011-09-12 21:02:59
2011-09-12 21:02:59

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.

1
0

Related Questions

User Avatar

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.

User Avatar

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

User Avatar

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.

User Avatar

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.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.