Auto Loans and Financing
Repossession
Drunk Driving (DWI or DUI)

If the bank repossess your car do you still have to pay your car payments?

121314

Top Answer
User Avatar
Wiki User
2012-09-09 15:08:20
2012-09-09 15:08:20

NO but why would they repo if you are making payments.

You don't still have to continue to make payments, however, if your car is repossessed, normally the finance company will sell the car and you owe any deficiency balance. In other words, let's say you still owe $5000 on your car and the finance company sells the car at auction for $4000. They will eventually contact you and you will owe the $1000 difference.

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

When the owner defaults on the loan payments

User Avatar

Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.

User Avatar

If the bank holds the loan, then yes. If the payments are stopped, the bank will repossess anyways.

User Avatar

If you continue to make payments as agreed, on time, you should be safe from repossession.

User Avatar

YES, IF YOU CLAIM NOT TO KNOW WHERE IT IS. If you call the bank and say I dont know where the car is its gone, they are going to tell you to report it stolen. If you stop making payments on it then they will repossess, if there is no car to repossess then you are still responsible to pay the monthly payment car or no car If you stop paying and there is no car to repossess then they at that point can take legal action against you. I dont know if its reported stolen but take my word for it you will pay somehow.

User Avatar

YESIFyou are not up to date, if you are behind on your payments they can repossess at anytime. In most loans, there's a statement about late and/or partial payments that basically says the bank can take them but isn't obligated to do so and that taking one late or partial payment does not mean that they have to continue to do so.So, if you owe $200 a month, and pay $100, the bank can accept that and still repossess the car. They do have to credit the $100 towards the loan.Also, banks are usually allowed to repossess for habitually late payments. Most of the time a bank will consider this to be more hassle than it's worth as long as you're eventually catching up, but if you're chronically making payments several weeks late, they might at some point decide "this guy is a flake, we should get out of this deal while we still stand some chance of recovering our money."

User Avatar

Depending on the state of residence, it is possible for a lender to still repossess your car if you get caught up on the payments. Certain states allow a lender to request full payment of an auto loan when borrowers fall behind, even if they have caught up on past due payments.

User Avatar

Hey Hun, if you do not make the payments they will come to repossess your car.

User Avatar

carolene, normally, banks dont turn accts ovet to CA unless the payments are NOT being made. Have you bothered to call the bank and inquire as to why this is happening?

User Avatar

If the car is financed through a bank, the bank is the only agency with authority to repossess the vehicle. The dealer, once paid by the bank, no longer has any claim to the vehicle.

User Avatar

As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.

User Avatar

I wouldn't see why not if there not living up to there end of the deal and its still in your name then its still your car.

User Avatar

If you still owe on the car (whether matured or not), the bank can take it if you don't pay. It belongs to them until the loan is paid and the title is sent to you.

User Avatar

Yes they can repossess everything that you got a loan for.

User Avatar

Only if you stopped making payments and are behind on your on your payments.

User Avatar

Once you are out of compliance with the loan, the bank is entitled to call in the note. If you do not pay the note once it is called in, the bank can repo the vehicle. It should all be described in the terms of the loan.

User Avatar

Yes, late fees indicate that payments were not made on time, which renders the original agreement invalid and allows the lender to repossess the vehicle if they so choose.

User Avatar

If a car dealership has a lean on your car and you have not made the required payments they may repossess your car.

User Avatar

They won't repossess it for your license being suspended, but they can repossess it when you fail to make payments, regardless of what the current status of your license is.

User Avatar

As long as you continue to make the payments, you are OK. If you fail to make the payments, they will repossess the car, sell it, and you will then owe the difference in what it sells for and the balance on the loan. The previous answer overlooked one important point. INSURANCE WAS EXPIRED If they don't repossess it, it is only because it is worthless after the accident. What they would prefer to do in this case is "accelerate the payments", i.e. make you pay the remainder of the loan immediately. Then you can worry about disposing of the carcass.

User Avatar

No, and why would they? If the payments are up to date and have been made on time, there would be no reason for the dealer to repossess the vehicle.


Copyright ยฉ 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.