Yes, you are required to make the payments, before and after the car is repossessed, after the vehicle is auctioned you will receive a letter from the bank stating what your car was auctioned for and the remaining balance you are required to pay. just to end the ultimate myth if you surrender you car it will make no difference on your credit DO NOT LET THEM LIE TO YOU! a repo is a repo voluntary or invol. it will just show up as a repo, and you get no where close to the value of the car remember it's going to a dealer auction and they normally get rock bottom price. example: if you have a 2002 mustang that you paid 20,000 for you will probabley owe 17,800 that vehicle will bring 5,000 - 6,000 tops! probabley less and you are required to pay the remainder of the balance. also you will not get a car loan for about a year after the rpoessession if you are lucky... I cover more about this and the other lies that the banks tell you at my website www.stoptheREPOman.com
If your car has been respossessed, you no longer have the right to continue paying it off because they have lost faith in your ability to make payments. The bank has already paid about 500 to a tow truck driver to find and recapture the vehicle. However, you could buy it back at auction. See your bank for the auction date.
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