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If you were going to sell a car that was repossessed is it better to get it back and sell or let it go?
Wiki User
∙ 18y ago
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.
Wiki User
∙ 18y ago
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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.
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.
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.
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 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.
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
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.
