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If you volunteer a repossession do you have to pay off your car loan?

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2015-07-15 19:49:14
2015-07-15 19:49:14

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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Pay it off, voluntary repossession, sell the car and pay it off.

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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.

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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.

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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.


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