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Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.

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βˆ™ 2008-07-28 03:08:21
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Q: Is it legal for the car to be repossessed and still require payments to be made?
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Related questions

Are you still liable for the payments if your truck is repossessed in Alberta?

Yes you are


What happens to payments made after a car is repossed?

Payments made after a car is repossessed will no longer be returned to the debtor. In fact, the lender can still require the debtor to pay the remaining balance of the loan.


Can a motorcycle be repossessed if you haven't made payments in 6 months and then started making payments again?

Technically you breached the contract with the lender if you did not make payments in 6 months. They actually have the right to NOT accept further payments from you. So yes, it can still be repossessed.


Can you still owe money on a car that was repossessed and resold to another buyer?

yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.


Auto repossession laws in Nevada?

In the state of Nevada, if you do not make payments on a car you are buying, it can be repossessed with no notice given to you. Once repossessed, you will still be liable for all further payments even if the car is sold at auction to another buyer.


If a car is repossessed and you agree to make some kind of payments ever month will they still list it on your credit as a repo?

Yes but it will also list that you are making payments!


Is it illegal to sell a car when your still making payments on finance?

No its perfectly legal and if you are still making payments on it, that increases values.


I was two months behind but still pay a payment every month. can the car still get repossessed?

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


If thay repossesse your car do you have to pay it off?

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.


Can you buy another car even though is repossessed?

If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.


Can you still owe money after your mobile home is repossessed?

Yes. The home was repossessed because you failed to make payments you contracted to make. Even though you no longer possess the home, the contract is still in force and must be satisfied unless the lender forgives it,


Can your vehicle be repossessed if you have finally caught up on the payments?

IF you still in DEFAULT of the contract in some other way(no ins.) yes it can be repoed. Depends... just payments no other fees etc. outstanding???

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