answersLogoWhite

0


Best Answer

After your vehicle is repossessed by the lender, they can put it up for sale, but, you have a time period to redeem it, paying the amount in arrears, plus collection costs.

Upon repossession, you have the right to recover any personal items in the vehicle.

The lender can sell on the bank lot, or at auction, and then sue you for the remainder of the loan and costs, not collected at sale. The repossession will go on your credit rating (for 7 years).

Time periods for actions in a repossession vary by jurisdiction, and, as I am not a lawyer, only a repossession agent in the past, you should consult an attorney or your state Department of Motor Vehicles by phone or visit their website!

User Avatar

Wiki User

βˆ™ 2009-10-29 11:58:46
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

➑️
See all cards
2.33
β˜†β˜…β˜†β˜…β˜†β˜…β˜†β˜…β˜†β˜…
3 Reviews

Add your answer:

Earn +20 pts
Q: What happen if you sold your car after you took the car loan?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What will happen to a car once it is repossessed?

It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.


What is a sentence with Loan?

I took a loan from my bank to buy my first car.


Can you get sued for the balance of your car loan after the car is repossessed and sold?

Yes.


How long does it take to finalize a car loan?

When I went and got a car loan, it took less than an hour.


Can the loan co. who repossessed car tack on interest after car is sold at auction?

hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh


Can you sue someone who signed a car loan for you and then took the car after it was paid for for 2 years?

No


If a creditor is taking your car to be sold as payment and you still owe money on the car what happens once it is sold at auction does part of the money go towards repaying the loan on the car?

Yes. all of it should go toward repaying the loan. That is why they reposessed it...because of the delinquent loan.


Can a dealer collect on repo unpaid balance?

Yes - if the car loan was with the dealer, the dealer can sue the debtor for the balance of the car loan after the car is sold to someone else.


Can your car be sold if it was repossessed?

Yes. Usually the loan holder will be held responsible for any deficit and perhaps fees that are incurred when the car is sold.


Ronald took out an interest free car loan for 10950?

450.


You bought a car for 17366 your loan is for 72 months you owe 12561 Can you pay it off sooner an will you get charged for paying it off before the 72 months?

Most car loan terms allow the loans to be paid off early without penalty. This is what would happen if you sold the car before the end of the loan, for example. It is possible that the loan was written to include a penalty, however.


If you get a loan in your name can the car be titled in another name?

No. I recently took a car loan for my son because his credit is bad. The loan is in my name, the title is in his name only. He is listed on the loan as the 'holder of colateral'.

People also asked