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.
You can be sued and your car repossessed.
Ask this of your B/K attorney. that's what you are paying for.
Most likely not depending on what financial situation you're in.
not if you still owe money 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 the car is being repoed then you owe something.
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.
Absolutely.
In most cases YES
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
The vehicle can be repossessed.
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.