YES, you have to pay off the loan. You have agreed to pay the lender X number of dollars for X number of months in return for letting you use X number of dollars to buy a car. Once the car is sold, the sale price is deducted from the balance due and you still owe that amount.
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Related Questions
How do you get out of a car loan that you don't want anymore?
Pay it off, voluntary repossession, sell the car and pay it off.
In a repossession do you have to pay off the entire car right then or just keep making your loan payments monthly for the duration of the loan?
It would depend on the contract you signed when you purchased the car.
How can you stop a vehicle repossession?
Pay off the loan.
Do you have to pay the difference on a repossession car loan?
Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.
Does the lender pay the loan off if the car is stolen while in his possession after a repossession?
NO, unless the ins. on the car pays off more than you owe.The amount the ins. pays would be the the equivilent to the auction price in the balance due on the loan.
Is a repossession marked on your credit report when the car is repossessed or when the loan is paid off?
Think about it. IF the lender waited until the loan was paid off,zillions of repos would NEVER be reported. Sooo, they report them as they happen.
Is there an alternative to repossession or bankruptcy on the 15000 you owe on your car?
If you have equity in it, sell it. If you have a relative who wants the car and has 15k, take the money, pay off the loan and sign the car over to the relative.
How can you get out of a car loan without a repossession?
Sell it for what you owe if it is possible. Pay off the loan, get the title and sign it over to the new buyer. If you cannot get what you owe, then get as much as you can. Get a personal loan from the bank to pay of the remaining balance. The personal loan is better than the amount you owe on the car.
How long do you have to pay off the remainder of the loan balance if you car is repoed?
The contract should include the applicable terms in case of a repossession. If there are no specifics as to the action, the laws of the state in which the vehicle loan was granted apply.
How do I save my car from repossession?
Generally once your lender has identified your car for reposession, you must pay off the existing loan in full to keep your car. However, it doesn't hurt to try to negotiate with your lender for a better deal.
When you keep the promise to bring the car loan to current and pay to do so can the lender still reposess the car?
It can happen. If the order for repossession is already out when the payment is made, it may take a couple days for that payment to be processed, and that order for repossession will not be called off until the payment is fully processed.
Can the dealer repossession your car off private property?
yes
How do you get out of a used car loan?
To get out of a used car loan, pay off the loan or find someone else who will do that.
If you lost your job and can not afford to pay your car payment can you return the car?
That is a voluntary repossession...not a good idea in the long run. The bank will wholesale the vehicle at an auto auction, apply the proceeds (less selling expenses) to the loan and you still owe the balance. Plus it goes on your credit report. If the car has a retail value in excess of the loan balance, you will be far better off selling the car yourself and paying off the loan. You still have no car...but no car payments and no bad credit report. Even if the car is worth slightly less than the loan balance, you'd come out thousands ahead if you sell it and find the rest of the money to pay off the loan.
What happens when car loan is paid off but late charges are due?
THEN THE LOAN IS NOT PAID OFF! All late charges, penalties are added to the principle amount and then the payments continue until all owed monies are paid. Penalties and repossession are still done at this point in the process
How long is a car repossession on your credit report after you pay it off and get the car back?
7 years
Can a default payment amount stop repossession?
No, once the loan is in default, the only way to assure that you keep your stuff is to pay off the loan in full.
What is a pay off loan?
I'm not sure I know what a pay off loan is....... but I do know what it is to pay off a loan.Could mean pay your loan off.orPay the principle balance in full. They will usually deduct some of the finance charge if the loan is paid off early.Commonly found in:*charged off accounts*repossession accounts*complete loss accounts paid off by insurances
What happens if you return a car?
You cannot return a car you have purchased. If you do they will just put it in storage, charge you for everyday it is there, and then the lender will repossess the car for non payment of the loan. They will sell the car and you will then have to pay for the storage fees, repossession fees, and the difference in what the balance on the loan was and what they sold the car for. Bottom line is that you bought the car, you own the car, and you are stuck with the car. Don't like it then sell it. There is no cooling off period on the purchase of a vehicle.
How can you find out how the repossession guys found your car?
No, you have it wrong. The repossession guys found THE BANK'S car. Once the bank takes the right paperwork to the court, the vehicle is no longer yours and you have no rights to it. The bank may have hired a private investigator to find the vehicle, especially if there is enough value that they want to pay off some of the loan.
Can a financed car be used as collateral for a loan?
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
If you have paid off your loan but you now owe some late fees can the title be held to your car?
If you have unpaid late fees that have accrued, your loan is not paid off. This is why the lender will not release the title. Additionally, if the amount remains unpaid, no matter how small, the lender can put your vehicle up for repossession. It would be sad to lose your car for as little as $100 dollars or less.
In regards to the question if you volunteer a reposession do you have to pay off your car loan what happens if you can't pay that balance?
Voluntary RepossessionOnce this vehicle has been auctioned off, the remaining balance that is left on this loan will be your responsibility to pay off. You can contact this collection agency once you receive a new statement of this balance. Usually the two options that you have is either make monthly payments or you can negotiate a settlement. Your best bet is to save anywhere from 30-50% of the remaining balance, and settle. Get everything in writing before making a final payment.
How can I take my name off a straw purchase on a car loan?
If you co-signed a car loan you can't take your name off the loan. If you co-sign for someone with no credit or poor credit you are promising to pay off the loan if they don't. The only way to get your name off the loan is to pay it off or have the borrower refinance the loan in their own name.
What do you do if a lienholder has put a repossession on your credit report without retrieving the car with the damage already done to your credit?
First question is, was there a repo? Was the car NOT worth repoing? The lender doesnt have to retrieve the car on any certain day. You still have the option of paying off the loan.
