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you'll owe what's left on the contract after the vehicle is sold (probably through auction). Example: you owe $2500, the car sells at auction for $500, you owe $2000 because you signed a contract stating you'd pay a certain amount, that's what the creditor is after.

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โˆ™ 2007-08-15 18:59:18
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Q: If your car is repossessed do you have to pay the balance?
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Related questions

Do you have to pay the balance after the car was repossessed and sold 3 yrs ago?

IF the lender obtained a judgment for the balance due, YES.


How do you regain possession of car that has been repossessed?

Pay the current balance, plus repossession and storage fees.


Can you go to jail if you do not pay all of the remaining balance after a repossessed car is sold?

NO, there are no more "DEBTORS PRISONS".


Are you still responsible to pay off the remainder of your car balance once it is repossessed?

YES. Read your contract.


What can you do if your car has been repossessed twice and they want you to pay the entire balance?

u have no choice now. What state?


Can a car be repossessed from a car dealership?

if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed


In Maryland how many times can your car be repossessed before you have to pay the full balance to get it back?

one time, be careful


Do you still have to pay off the loan once your car is repossessed?

In almost all cases, YES. At the very least you will pay the difference in what the car sells for and the balance on the note.


Can you get sued for the balance of your car loan after the car is repossessed and sold?

Yes.


How can you locate your repossessed car?

Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.


My car was repossessed and now they want me to pay for the remaining balance on the loan and I can not afford it. What can the lender do legally to get payments in the state of Pennsylvania?

no


If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?

Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.

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