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You are still liable. As soon as the bank either auctions or sells the car, you will be responsible for the deficit (remaining) balance. Most times, the auto is not sold for the amount due on the loan plus repossessionfees, storage fees and transfer of title fees etc.

The faster you take care of the balance, the faster it will show up on your credit as paid. If you don't do anything, anc neither does the bank--it will remain on your credit for as long as the statute of limitationsin your state. Check this link for your state:

Take note!!!, the bank can get a judgment if they haven't already--they can garnishee your wages and/or yourtax returns to get their money back. It would be best if you call and make some kind of arragements now.

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โˆ™ 2011-09-12 21:32:05
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Q: If the bank did not auction your repossessed vehicle after 90 business days are you still liable and how do you get it off your credit?
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Related questions

Your vehicle was repossessed and sold at the auction after the fees you still owe 292 how will this reflect on your credit IF you pay it off?

It will show as paid or satisfied.

In NC what can be done if lender refuses to negotiate bal due on repossessed auto if they want 20000 for auto worth 10000?

not much, basically your hands are tied. when you pruchased the vehicle and signed a contract it was probably stated in there that if the vehicle is repossessed it will be sold at auction and the balance/credit of the debt is the responsibility of the purchaser

As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?


Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?

it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.

Is it still possible to get your vehicle back after the repo has occurred?

In Canada the answer is yes if it is repossessed by a bank (or credit institution). Any car that is re-possessed by a bank or credit company has to be put up for auction. You can always get your vehicle back if you pay whatever arrears you owe the bank as well as the the fees that the bank had to pay to the repo company before it is sent to the auction house. However, you do need to act quickly. I have never heard of anyone getting their vehicle back once it is up for auction (and in Canada the auction companies used by banks are only open to car dealers).

Can your car be repossessed for credit card debt?

Unless the credt card company is the lienholder on your vehicle, no.

How long does the credit company have to make a claim for repayment on a repossessed vehicle?

Possibly up to 7 years.

What bad things go on your credit history if a vehicle is repossessed?

Slow pay, repo, and it gets worse from there.

After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?

The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.

How do you purchase a credit union of atlanta repossessed car?

Get a car dealers license and go to Manhiem Metro Atlanta Auto Auction in College Park, GA.

Can they make you pay after they have repossessed your car. you are on disability?

they can try - usually they repo and sell vehicle at auction - then sue you for the difference. If you have no income then essentially explain that to them or a lawyer if applicable. Chances are they will drop the issue and just stick it on your credit report as a repo and negative write off.

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.

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