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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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2015-07-15 19:30:56
2015-07-15 19:30:56

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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A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.

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not much just a few hours it is 4

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

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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.

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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.


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