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2009-03-08 05:15:10
2009-03-08 05:15:10

Generally speaking, yes. It probably varies a little from state to state, but usually, the finance company repos the car then sells it at an auction and deducts the amount from the sale from the amount you owe. Then, at some point, they will sue you for the remaining balance.

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Related Questions


You were never approved for financing to buy the car thus you do not own the car and the dealer has the right to his property....so yes they can


No, the lienholder usually forces insurance on you car and you are liable for the premium. When you purchase your own insurance they will take the difference from the premium off of your balance, but you will still be liable to pay for the months that you were not insured. I recomend you hurry and get insurance on your car. The insurance your bank provides is no good, not only that, but you can risk having your car repossed if it is not insured.



yes because whether you own the car entirely or not, if you're driving it, then you need protection


If the car is repossessed then that means the bank owns it. So if they own it and they have it, then no you do not need to pay for insurance on it unless you plan on getting it back.



I bought my own car at the age of 15. I earned my own money doing farm work. You can too. Get a job and make your own money and then buy a car.


You will still owe the money back with agreed upon interest. There may be some legal issues if you used the car for collateral and you do not own the car. return the money with the interest. the longer you save the loan, the more interest you have to pay!


Is the registration still in your name or the buyers? If it is in your name you still own the car. Just take this person to small claims court and get your money or car that way. Make sure you have all the paper work to prove your case.


If you own your car or house and are no longer making payments, should you still have insurance on them? Explain why or why not.


You do not own the car! You can't lease something you do not own. This is not an apartment it is a car. Forget this bad idea.


YES. The bank or lender, who owns the vehicle ( You don't own it until ALL the payments have been made ) are within their rights to take it back as you are not insured if you don't PAY for the insurance. You are risking THEIR property, the car, by not having insurance coverage on it continually. Remember, you DON"T own it until ALL the payments have been made in full. Until then the company that LOANED you the money to buy it , OWNS IT.


You never get what a car is worth on a trade in. Get the blue book value of your car. Then, sell it outright and take the money to get a cheaper car.


Sure, if you own the car. That means you do not make any payments to someone else. If you make payments, then you don't "own" the car outright, and the money will generally have to be used to pay for the repair or to pay the car off.


Yes, if you took a loan out and used your car as collaterol, then it can be taken away. If you own the title free and clear, then it cannot be taken from you. Only if you owe money on it or the previous owner owes money on it. If the previous owner has an outstanding debt on the car and sells it to you without you knowing about the debt then the car can still be repo'd.


Yes. Not being able to pay a loan doesn't absolve you from it. They may repossess the car if the situation calls for it, but you'll still own any back payments.


You can't sell it. You don't own it. The bank or loan company owns the car. You need their permission to sell the car and transfer title.


It depends, but as a general rule, the finance company that repossed it will keep possession of it, either on their own lot or at an auto auction for a certain number of days (usually 30-60) unless you pay the balance to get it back. After that, they will send sell it at auction and you will owe any deficiency balance. In other words, if the balance on the car is $7000 and it sells at auction for $5000, you will still owe $2000 to the finance company.


You have to repair your car using your own pocket money and that would be so expensive.


No because whether you own a car or not you still pay VAT, income tax, national insurance, etc, etc.


Full coverage requirements have nothing to do with the age of the car. If you still make payments on the car then you still have to have full coverage. If you own the car outright, then you do not have to have it.


If your not paying on it yes. Just because you have the car doesnt actually mean you own it until you pay it off in full. The place you got the car loan from does until then. You will waste your money by getting the tags and sticker because if the repo order has been put on your credit, they will be coming to get it, just a matter of time.


when you cant afford to pay a car in full!! :) some people just dont have the money for it .... but then you can always pay for a nice car instead of a piece of crap car.. plus when you own it you dont have a warranty ... on the other hand you are losing out money that you have to pay.. dont go out and buy a 30000 car.. buy one in your price range one that you can love and still have a life and be able to do what you want


Hopefully you do not own them money. In that case, yes you can still get a refund.


You cannot file a lien on your own car to prevent another from filing a lien on your car. If you owe someone money they may be able to put a lien on your car so that they are paid in full.



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