answersLogoWhite

0

  • Cars & Vehicles
  • Repossession
  • Debt and Bankruptcy

What happens after a car is repossessed?

User Avatar

Wiki User

βˆ™ 2015-07-17 17:38:18

Best Answer
Copy

After repo, the car is sold at auction(usually) and you are expected to pay what is left owing on the loan. At this point, you can make the lender an OFFER to payoff(CASH), you can attempt to make payments on the balance or you can wait until the lender takes you to court. IF you don't go to court, they will get a default judgment and then the fun begins.They can garnishee your wages(if you work), attach your home,ect.(if you own one) ect. Do your best. OR you can declare B/K. That is LAST option. B/K lasts 7 yrs. and is a real pain.

2015-07-17 17:38:18
This answer is:
πŸ€“
🀯
πŸ€”
User Avatar

Your Answer

Loading...

Related Questions

What happens if you get your car repossessed?

if i get my car repossessed, can they put a llien on the house?


What happens to you if your car is repossessed?

You loose your car...


What happens to your credit when your car is repossessed?

You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.


What happens to your credit after a car is repossessed?

Normally your credit is ruined for 7 years.


What happens when a car is repossessed and you are the cosigner?

You will also be liable for any deficiency balance


What happens when your car is repossessed and they damage your car?

then you go and kick that person and repposses that car.... They call cops and you ignore those guys....


How can you locate your repossessed car?

Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.


Can your car be repossessed due to no registration?

No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.


What happens if a car is repossessed?

Unless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.


Can your car be repossessed if you lose your job?

No, but your car can be repossessed if you don't make the payments.


What happens if you default on car loan in divorce?

The car will most likely be repossessed unless you make up the missing payments and penalties.


Can a car be repossessed from a car dealership?

if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed


Can a car be repossessed with a person in the car?

No.


When a car is repossessed what do you do with the insurance?

When a car has been repossessed the person paying the insurance should cancel it.


What happens when a car is repossessed in the state of Georgia?

The car gets taken to the impound lot, and you have to file paperwork and pay a certain amount of money to get your car back.


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

Yes. For any amounts not recovered insluding repo costs.


Where do you get a car after your car was repossessed?

im sorry you can not


What happens to a co-buyer if the car is repossessed?

Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.


Approximately how long after your car is repossessed do they come after you for the deficiency?

As soon as the lender sells the car, they will know what the balance due is. Then they will come after the money. You will know when that happens.


Car was repossessed with no letter of intent sent no notice of actionwas law violated?

Your car can be repossessed at any time without any warning if you aren't making your payments. It is probably in your paperwork in the fine print what happens when you don't make your payment.


Can you have a car repossessed?

Yes


Can a transfer of responsibility be made after car is repossessed?

No. Your car gets repossessed, it's on you. You don't get to pass that on to someone else.


In Kentucky how many car payments behind do you have to be before your car is repossessed?

Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.


What do you do once your car has been repossessed?

I have a welding machine on the truck they repossessed can they keep that?


What happens to repossessed cars?

Repossessed cars are typically cleaned up and resold on a dealers lot. However, if the lienholder (the person who repossessed it) feels that it will cost too much to restore the vehicle to a sellable status, they will just put it in an auction and take whatever they can get for it. Repossessed cars are first examined fully to determine the remaining value of the car. If the car is suitable for repossession, it will be resold to another person for a discounted price.