Repossession
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Money Management

In Florida when a car is repossessed do you still have to pay for it?

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2011-09-12 23:07:55
2011-09-12 23:07:55

The vehicle will be sold. That amount will be applied to your balance. You will be responsible for the remainder owed along with any fees associated with the legal aspects etc

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

Most of the time when a car get repossessed you will still have to still pay monthly payments. In some cases you will not have to continuing paying.

Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.

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.

IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.

Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.

If they are accepting your payments, they probably won't take your car.

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.

dont pay the payments ever

Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost

If your was repossed you need to call the car company and pay your car

It will still show up as a repo on your credit report, even if you brought the car back and told them you can't pay for it.

When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.

Most of the time you do, YES.

They will auction the car and you will have to pay the difference of what you owe and what the car sold for.

Pay the company for the car, like you should have during the time you had it.

Will be repossessed, be patient. You either pay off, or pay off. No longer able to make payments. They will repossess the car and sue for the difference. Sorry.

The former owner of the car, now still owner of the DEBT, gets to pay the debt. The leinholder will likely get a judgment for the balance due and proceed to collect. Uless your name is 'turnip", you will pay.

You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.

The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.


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