The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.
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.
Yes. For any amounts not recovered insluding repo costs.
your auto loan gets paid off and whatever is left over goes to the bank
not if you still owe money on it
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.
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.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
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.
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
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.
You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.