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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

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โˆ™ 2011-09-12 21:58:42
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Q: If you have a vehicle voluntarly repossessed will you continue to have to make the payments or pay the balance after auction?
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Related Questions

Auto repossession laws in Nevada?

In the state of Nevada, if you do not make payments on a car you are buying, it can be repossessed with no notice given to you. Once repossessed, you will still be liable for all further payments even if the car is sold at auction to another buyer.


What are your rights if your car is repossessed in Texas?

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.


If you have a lease through GMAC and the car gets repossessed do you owe for the remaining payments or do you owe for the ACV of the car?

they sell the auto at an auction sell it to the highest bidder and you the remainder


How do find repossessed auction in your area?

The Classifieds, or google.


What will happen if your car is repossessed in NC?

Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.


If i turn my vehicle back voluntarly can the bank come after me for the what they don't sell it for?

I think it could be depending on which state, but they can bill you for the balance owed after the auction.


How do you get a repossed vehicle back?

If your car is repossessed and you want to get it back, you can contact the finance company and clear any outstanding payments. They may agree to return your vehicle to you if they have not already sold it but be warned that lenders try and sell repossessed vehicles as quickly as possible to try and recoup funds. The finance companies often sell the repossessed vehicles at a car auction. Here they can be sold "as seen" and at a lower price than market value, thus they can be sold quickly. It is often possible to find out which auction your car is being sold at and you can get your repossessed vehicle back yourself by attending the car auction and bidding.


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

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.


What happens to title loan cars when they are repossessed?

They are sent to an auction and sold.


Do have to pay the difference on a repo car?

Yes. If you take out a car loan, fail to make payments, and the car is repossessed, you will have to pay the difference between the price the lender received at auction and the balance remaining on your loan.Since repossessed cars are usually sold at wholesale auctions, the difference can be thousands of dollars.


Do most finance company allow you to pay the late payments and then continue with the agreed contract if the vehile was repossessed?

If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction. Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.


How does Chrysler financial handle repossessions?

Chrysler sells their repossessed car at auction.


If your veh is repossessed in OKLAHOMA can you be garnisheed for any unpaid balance after auction?

Yes.


Where can I find cheap repossessed Cars?

Your local car auction can provide you with a great selection of repossessed cars and trucks. You can contact banks and lending istituions for a list of cars tey have for sale most cars are sold at auction.


Can you be sued if you let your mobile home be repossessed?

You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.


Where is the closest Government auction for repossessed cars near zip code 11963?

Govdeals.com


Can the loan co. who repossessed car tack on interest after car is sold at auction?

hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh


Do you have to pay for a car if it is repossessed?

The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.


Does a repossessed car have to be sold at a public auction?

NO. It can be sold any way the bank wants it to be sold


My Car was repossessed what do I owe the bank?

They will auction the car and you will have to pay the difference of what you owe and what the car sold for.


Will you be notified where the auction of your repossessed vehicle takes place?

likely NOT. TFC uses a wholesale auction and you wont get in. If you want to redeem your vehicle just pay it off.


If a car is repossed you do you still pay the reminder of balance?

When a vehicle is repossessed, it is usually put up for auction. If the monies recovered from the auction is not enough to cover the outstanding balance on the loan, the person the vehicle was repossessed from is expected to pay the difference. It's a bummer, but that's how it goes.


Are repossessed vehicles sold at an auto auction?

Yes some repossessed vechicles are sold in auctions. There are some that the banks own, but they try to recover their moneys lost as soon as possible.


In New Jersey does the borrower have to pay any loan deficit after a repossessed car is sold at auction?

Yes.


Can your wages be garnisheed in the state of Nc 2 years after the truck has been repossessed and sold at auction?

Yes they can