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lets say the total of the payments are $20000.00. And you have paid $10,000.00 on the loan. The car sells for $5000.00. That leaves $5000.00 for you to pay. These are round numbers for examples only. there will be other fees added in that will change it some.

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โˆ™ 2015-07-15 19:30:56
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Q: If your car is repossessed are you required to pay all interest over the life of the loan or just what has elapsed on the loan?
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Related questions

How much time has elapsed since the opening scence?

not much just a few hours it is 4


How much would it hurt your credit if the car you co-signed for gets repossessed?

Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.


If you already have the title to your car but the loan has not been fully paid can it be repossessed?

As long as there is a security interest in your car, YES, it can be repoed if the loan is not paid. Just think how many people would buy cars today if your situation happened everyday.


Can they repossessed the car if you just owe the last payment?

The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.


How do you know if a neighbor is hiding a car that is being repossessed?

Just call 720 435 7676


Do you need auto insurance while driving a car you just repossessed are there any penal codes that state that you don't or do?

State laws vary, but generally any driver is required by state statute to have auto insurance and to carry proof of such insurance.


Why would a boat be repossessed?

Boats can be repossessed due to non-payment or maybe the boat does not meet the requirements needed to sail. I would think it would be just like a automobile as far as finance goes.


When your car gets repossessed and you get a co signer they want you to sign a contract can they raise the interest rate?

Absolutely! The reason the auto was repossessed in the first place was that the original loan contract was violated - the payments were not paid when due. When the new loan with the co-signer is initiated, the interest rate is adjusted commensurate with whatever the current rate is. When a person is consistently late with payments, they become at risk with any loaning agency. Being a higher risk only ensures your interest rate will always be higher. The only way to reduce that risky interest rate is to conistently pay ALL your bills on time, and never miss any payments, and do this for, say, two years. Missing just one month can wreak havoc with your credit rating for many years in the future. It's just not worth it to not pay.


What would happen if you made payment arrangements for the payoff of a repossessed vehicle but could not keep them?

If you kept the repossessed vehicle, the lender could reposses it again and sell it. If this was just a contract to repay the debt, they could sue for money damages just like it was a promissory note.


If your car was just repossessed and you own a house can you quit claim your interest in the house to the person who owns the other half interest?

I'm guessing that you need to CALL an attorney NOW. Sounds like a collector and/or repoman has been telling you what they think you need to hear. (Blowing Smoke) No one blowing smoke, just trying to see if one can avoid having a jointly owned house attached to a deficiency judgement?


Can your car be considered repossessed and put on your credit report as repossessed if they never picked up the car?

Absolutely. Once the car is considered repo'd it is all paperwork, otherwise you could just hide the car from the lender.


What happens to repossessed cars?

Repossessed cars are typically cleaned up and resold on a dealers lot. However, if the lienholder (the person who repossessed it) feels that it will cost too much to restore the vehicle to a sellable status, they will just put it in an auction and take whatever they can get for it. Repossessed cars are first examined fully to determine the remaining value of the car. If the car is suitable for repossession, it will be resold to another person for a discounted price.

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