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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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βˆ™ 2015-07-15 19:49:14
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Q: If you volunteer a repossession do you have to pay off your car loan?
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Related questions

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 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.


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.


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.


Can the dealer repossession your car off private property?

yes


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.


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.

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