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

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โˆ™ 2006-02-22 20:47:52
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Q: My Car was repossessed what do I owe the bank?
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Do you have to pay for a car if it is repossessed?

The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.


When you vehicle is reposed are you financially responsible to pay the bank anything?

When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.


What happens when you have had your car repossessed do you still owe the bank?

Yes. For any amounts not recovered insluding repo costs.


You owe money on a repossessed car but the car was refinanced to someone else do you still owe?

I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.


What if the bank sells your repossessed car for more than you owe?

your auto loan gets paid off and whatever is left over goes to the bank


Can you still owe money after your car is repossessed because of the recall?

If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.


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.


Do you still owe the bank when a car gets repossessed?

Usually, yes. The bank will dispose of the car (often by auction) and then come to you for whatever they lost and all fees associated with the repossession and sale.


Can your car get repossessed after bankruptcy?

not if you still owe money on it


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.


In Utah can your wages be garnished for a car that was repossessed?

You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.


Can you go to jail if you owe a bank for a car?

in nc, can you go to jail if you owe a bank for a car?


If you LEASE a car and have it voluntarily repossessed will you still owe money on it?

Yes


What if you wreck a car without insurance and owe the bank payments?

Then you still owe the bank.


What to do if car was roposessed by Toyota financial?

Pay them what you owe, there must be a reason why they have repossessed it


Can a car be repossessed when 1 payment is left?

As long as you owe them money they can take it.


Can the bank request the parts that were stripped from a car that is due to be repossessed?

It is not clear whether the bank can or will request the parts that were stripped from a car. However, the condition of the car will affect the resale value. If the bank elects to recover the amount that you owe on the car, it must resell the car at fair-market value, which is often based upon the Kelley Blue Book. If the bank sells your car for more than your loan balance and the costs for the resale, then you would get the difference. If the bank sells your car for less than your loan balance, you would owe the difference plus costs. For instance, if you owe $15,000 and the stripped car only sells for $7,000, then you would owe $8,000 plus costs. This is called a deficiency judgment and is likely in most situations.1


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.


If your car has been repossessed and you cannot pay what you owe should you let them sell it?

You have no choice.


Can the lender collect the rest of the money you owe on a car that they repossessed?

In most cases, YES


Can your car be repossessed if you only owe 450 dollars?

As long as the 450.00 is in DEFAULT, it can be repoed.


If you have a lease through GMAC and the car gets repossessed do you owe for the remaining payments or do you owe for the ACV of the car?

they sell the auto at an auction sell it to the highest bidder and you the remainder


If you file for bankruptcy and your car is being repossessed through the bankruptcy with a loan on it and the car interior has been modified and damaged would you still owe anything on it?

If the car is being repoed then you owe something.


If you owe more than the car is worth what happens if it gets repossessed?

The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.


Can your car be repossessed if there are children's safety seats in the vehicle?

Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.

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