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Auto Loans and Financing
Repossession
Loans

Is a lender still interested in a vehicle that is down to the last 6 payments after paying on it for 5 yrs?


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Wiki User
2015-07-16 18:11:28
2015-07-16 18:11:28

Look at it from the lenders viewpoint. They can repo a car with 1500.00 owed that might sell for 2500.00 from you. OR, they can repo a car from Joe Doe with 35000.00 owed that might sell for 23000.00. Which would you repo first? The one you lose money(Joe Doe) on oe the one you break even on (you)??

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The first step is to contact your lender. They will have those answers. It usually involves making up past payments, and paying the repossession fee, and perhaps storage.

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When you bought the car, the lender paid the dealer for the car, and you are making payments to the lender, plus interest. The lender will not help you avoid paying him.

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By not paying the payments needed or by government seizure. Zaragotha (Zara)

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Only if your name is on the title, and only if the primary borrower defaults and the vehicle is subject to being repossessed by the lender.


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