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If car is being reposessed and owner can now pay 3x the note each month should he keep the car and pay or give it up?

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2015-07-16 19:26:17
2015-07-16 19:26:17

That depends on whether or not the LENDER will accept the payments. It will be cheaper on the debtor if they can make the payments NOW. Perhaps you should contact the LENDER.

Review the amount of time left on the loan and whether you could do with a car that is less expensive than the one you want to redeem. If your current circumstances have improved and other expenses have not increased, then maybe go for it. However, being frugal (and maybe cheap) I would say let it go, find something more economical and then start saving. Your next car could be paid in cash and you would be more secure over time.

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TO ANSWER YOUR QUESTION WHEN A CAR GETS REPOSESSED AND GETS RETURNED TO THE ORIGINAL OWNER ANYTHING AND EVERYTHING IN THE CAR IS LEGALLY GOING TO BE TRANSFERRED TO THE ORIGINAL OWNER OF THE CAR

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Yes. Prior liens must be paid off before you take title to the vehicle.

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I don't fully understand the meaning of that. -Basically if the appliances were there when you moved in the answer is NO, you cannot take them. If you bought them and put them in, then yes, they are yours.

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Yes, if a leinholder reposessed a vehicle from a person that owes a debt. then that vehicle is taken to an auction and the person it was reposessed from must pay difference. If the amount owed is $12000 and the leinholder sells it at an auction for $8000 the previous owner must pay the $4000 difference and any expenses involved in the process.


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