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If you have car Repossessed why do you still have to pay for something you haven't got.?
Wiki User
∙ 11y ago
Yes, if the current value of the car is not enough to settle your outstanding loan + any charges that have been added leading up to the repossession.
Think of it this way -
You borrowed MONEY to get the car. You owe back this MONEY not the car (because the value of the car is going down all the time while you are using it and it is getting older)
If you fail to pay back the MONEY they have a rite to take back the car as an asset against this MONEY you owe.
If when the car is resold it does not sell for enough MONEY to pay off your debt, then you still owe the people some more MONEY.
Wiki User
∙ 11y ago
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What can happen if you havent paid your car in 4 months?
You can be sued and your car repossessed.
If you filed for bankruptcy and then your car was repossessed are you still going to have to owe something?
Ask this of your B/K attorney. that's what you are paying for.
If you have never had a car repossessed you have had a house repossessed Can I still get a car loan?
Most likely not depending on what financial situation you're in.
Can your car get repossessed after bankruptcy?
not if you still owe money on it
Can you let a car be repossessed with scratches on it?
A car can still be repossessed if it has scratches or some slight damage. The current value of the car is normally used when netting off the debts.
If you file for bankruptcy and your car is being repossessed through the bankruptcy with a loan on it and the car interior has been modified and damaged would you still owe anything on it?
If the car is being repoed then you owe something.
Can you buy another car even though is repossessed?
If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.
Can your car still be repossessed if the payment is 30 days late?
Absolutely.
If car is repossessed does the owner have to still pay original cost of car?
In most cases YES
Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
What can happen if you don't pay a title loan and you still have the car?
The vehicle can be repossessed.
Can you still owe money on a car that was repossessed and resold to another buyer?
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
