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It will be far better for your credit if you pay it off and sell it. When THEY sell it they are more than happy to sell it at auction for a loss then turn to you to make up the difference. It can mess up your credit for a long time.

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โˆ™ 2005-11-08 14:57:42
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Q: If you were going to sell a car that was repossessed is it better to get it back and sell or let it go?
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Related questions

Can you sell the engine out of a car that is going to be repossessed?

No, you must surrender the vehicle in the condition you received it in.

How do you get a repossed vehicle back?

If your car is repossessed and you want to get it back, you can contact the finance company and clear any outstanding payments. They may agree to return your vehicle to you if they have not already sold it but be warned that lenders try and sell repossessed vehicles as quickly as possible to try and recoup funds. The finance companies often sell the repossessed vehicles at a car auction. Here they can be sold "as seen" and at a lower price than market value, thus they can be sold quickly. It is often possible to find out which auction your car is being sold at and you can get your repossessed vehicle back yourself by attending the car auction and bidding.

What do banks do with repossessed motorcycles?

Sell them for very cheap prices.

Can you still owe money after your car is repossessed because of the recall?

If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.

If you can't make your truck payment anymore can you have it repossessed?

Sell it if you can. Even if you have to sell it at a loss. Let the bank know what's going on and even though they'll complain and want to make arrangments for you to pick up any of the loan that isn't satisfied, at least it will be better for your credit in the long run than if you let them repo it.

If the creditors repossessed a motorcycle and then DID NOT sell it at an auction do you still owe?

No you don't still owe; once the motorcycle has been repossessed, it is no longer your concern. Whether the creditor sells it or fails to sell it is the creditor's problem, not yours.

If someone is looking for a car that is going to repossessed and you drive it. Can you be arressted?

No you will not be arrested. Turn the car in if you are not going to make the payments. Having you car repossessed is a horrible idea, if there is any way you can avoid it. Talk to the lender and see if you can work something out. Remember you will still owe the balance on the difference in what they sell the car for and what is owed. Plus you credit is ruined for 7 years.

Is there a website for repo boats for sale?

There are sites out there that sell repossessed items, however, it is unlikely your friend will find his exact boat. He might be better served by contacting whoever did the repossession.

If your car has been repossessed and you cannot pay what you owe should you let them sell it?

You have no choice.

How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?

When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy

How can I get my car back if the title is in your name but someone bought it?

If the title is in your name only, then the new buyer will not be able to put the title in his name. If it was repossessed, then the lienholder was able to sell it and the sale is valid.

If a person does not want a vehicle anymore and gives it back to the lienholder is it considered to be repossessed?

Yes, voluntary repossession. Your credit will still suffer and the leinholder needs to sell the vehicle to get their money back. If they are unable to cover the loan fully, you are responsible for the difference.

Do you have to pay for a car if it is repossessed?

The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.

When a car is repossessed does the finance company have to sell it for the amount it is worth?

no, they will sue you for the balance owed after the sale

Can college textbooks be sold back to the school?

College textbooks are very expensive. At the end of the semester you can sell your books back at the school store, but often it is much better to sell them online.

When cars are repossessed do they fix them up first?

Normally the answer would be no. They do however have to make the vehicle serviceable. Repossessed vehicles are something I would stay away from. Do you think a person who cannot make the payments on a vehicle is going to spend money on maintenance? I am sure some do, but the odds are against it. The lender is going to sell the car for whatever he can get. He is then going to sue the previous owner for the deficiency. So there is no real incentive for the lender to put any more money into the vehicle than they have to.

Does having the title to a repossessed truck give you any legal rights?

NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL

Can the owner get money back when a repossessed car is sold?

If they actually make money on the sell of the car, YES. But the odds of them selling it for enough to cover all of their costs and have something left over is slim to none.

Do they sell chaotic cards in walmart?

Yup I suggest going to the back of the toy section to the left

If YOUR car is repossessed what can the lender do?

In most states, the lender will sell the car. If they sell it for more than you owed, they keep the extra money. If they sell it for less than you owed, they send you a bill for the difference.

If you have a lease through GMAC and the car gets repossessed do you owe for the remaining payments or do you owe for the ACV of the car?

they sell the auto at an auction sell it to the highest bidder and you the remainder

Can you get hermit crabs at Walmart?

some walmarts sell them, but u are better off going to a pet store for better quality. they dont live as long from walmart.

How do you find out if your car is going to be repossessed in Arizona?

If you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.

Can a dealer sell your car if you still have the title?

yes if you car was repossessed in Maryland and the dealer has a security intrest on the tittle they can apply for a repossession tittle and sell the cars as soon as they have a tittle

Do people who sell scrap gold need to check with different buyers to get a better price?

Yes, if you were going to sell scrap gold to a gold buying company, you should compare the rates offered and read reviews. Better prices can be found at most jewelry stores, and they have a better reputation.

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