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If you obtained a car loan for 16K and after 39 of 60 payments a total of 17K was paid and the car was reposessed are you obligated to pay future interest on the loan since the 16K was satisfied?
Wiki User
∙ 16y ago
You may have paid a total of $17K but not all that money was applied to the principle so you have not paid off the loan yet. Lender will most likely sell car at auction to recover some of their losses and then you will be responsible for balance that is left. If you don't pay they will either write it off and ding your credit rating or sue you for the balance. QED.
Wiki User
∙ 16y ago
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