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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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∙ 18y ago
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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.
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 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.
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.
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 your car get repossessed after bankruptcy?
not if you still owe money on it
What if you want your vehicle repossessed?
I heard if you surrender your car back to the bank the loan is from, they will auction the car to get money back, if they DONT get the whole amount of what you OWE on the car... They will bill you the balance.T
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.
