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Auto Loans and Financing
Repossession
Loans

If you return a car to the dealership which financed it will it still be considered a repossession even if you have to pay off the balance?


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Wiki User
2015-07-15 19:49:07
2015-07-15 19:49:07

YES, unless the LENDER decides not to report a repo to the CA.

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Yes. Most lenders will auction a repossessed car and sue the person who financed the car for any balance or fees still owed.

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The deficiency balance in every state as relates to repossession is the outstanding balance of the original principle plus fees accrued by the repossession process that remain after the resale of the repossessed vehicle.

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A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.

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"remaining balance" as in what you are behind OR the remaining balance due on the loan??

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If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?


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