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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

Can a disabled person's vehicle be repossessed in Florida?

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.

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.

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.

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?

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

Just call 720 435 7676

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.

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.

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.

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.

Why is reading an interest?

the reason why reading is an interest is when we say reading there is something to do with interest becauose if you don't have an interest in reading you will just wasting your time on making a step for the matter that you don't have an interest for it/ thanks the reason why reading is an interest is when we say reading there is something to do with interest becauose if you don't have an interest in reading you will just wasting your time on making a step for the matter that you don't have an interest for it/ thanks

Can you get your vehicle back after it has been repossessed?

Yes, you can. Alot of times they will work with you. They don't want your car, just your money!:)

If your motorhome is repossessed what can they take?

Just the motorhome. Any personal property inside the motorhome remains yours, and they may not take it. In most states, however, they may charge a storage fee for personal property which was removed from the repossessed vehicle.

You had a car repossessed you have now just finished paying for another car but the bank is refusing to give you the car title till you pay the old repossessed car can they do this?

There may be more to it. Call the banks legal department and ask them for cause.

How do you be just friends with a boy?

Start a conversation, discover interest. And build interest.

Can a lender charge you interest in Illinois on the remaining balance of a car repossessed?

The lender can charge you interest on the LOAN, as long as it is not charged off. Once the loan is charged off, the account is essentially closed. It is at this point that they will begin legal proceedings and the big charges are added to the balance: court costs, legal fees, collections costs. And these do not stop mounting after the judgment is granted. It just keeps going.

Can a car be repossessed if involved in bankruptcy?

Depending on your state... a car that is included in a Chapter 13 Bankruptcy cannot be repossed. The Bankruptcy laws protect you from repossession. Just as long as you are in Chapter 13 and are making payments to the Trustee, your car cannot be repossessed.

How much does a repossessed vehicle sale at action?

Truthfully a repossessed vehicle sells for what the bank is trying to get out of it and that is usually what is owed on the original loan and sometimes they will accept less for a number of reasons just to get rid of it and that would be damage to the vehicle, age and mileage.

What could be keeping a guy that showed interest in you from calling you?

He may have just lost interest if you have not returned or offered any interest in him or found a new interest. He could also just be busy and have no time to call you lately or is waiting for you to contact him.

If a car is repossessed will the co-signer be left with bad credit?

Yes he/she is just as responsible for the loan as the signor of the loan.

Your truck was repossessed and you paid the back payments and they sold the vehicle anyway?

THen I am sorry to say that you are out a lot of money. Once that car is repossessed, then your interest in it, and the finance company's interest in you is over. The car company will send it to auction and get back whatever they can, and put a black mark on your credit. Paying them one red cent after this charge off event will not help your credit in one infinitessimal way. As you noted, they sold your truck and auction so you can soon expect to get a letter telling you what it sold for and how much they lost on the difference. DO NOT PAY THIS AMOUNT. They are not expecting you to and, as I've said maying one cent on a charge-off account is a cent wasted.If you just had your truck repo'd and you still own your house and have a job, you should dtill be able to buy a car anyway. Just watch them jack up the interest rates

What is an apathy voter?

a voter with little interest in voting and just votes for the heck of it a voter with little interest in voting and just votes for the heck of it