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.
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.
your auto loan gets paid off and whatever is left over goes to the bank
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
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.
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.
not if you still owe money on it
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.
in nc, can you go to jail if you owe a bank for a car?
Then you still owe the bank.
Pay them what you owe, there must be a reason why they have repossessed it
As long as you owe them money they can take it.
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
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.
You have no choice.
In most cases, YES
As long as the 450.00 is in DEFAULT, it can be repoed.
they sell the auto at an auction sell it to the highest bidder and you the remainder
If the car is being repoed then you owe something.
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.
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.