It would depend on the contract you signed when you purchased the car.
Pay off the 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.
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.
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.
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.
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.
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.
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.
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.
To get out of a used car loan, pay off the loan or find someone else who will do that.