answersLogoWhite

0


Best Answer

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.

User Avatar

Wiki User

โˆ™ 2015-07-17 17:38:18
This answer is:
User Avatar
Study guides

Health

21 cards

Im with someone in the army and we want to get married asap but would he get into trouble he is 21 and im 16

What does teachorous mean

What is the first aid treatment for arterial bleeding

What is the difference between an intentional and unintentional injury

โžก๏ธ
See all cards
3.3
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
37 Reviews

Add your answer:

Earn +20 pts
Q: What happens after a car is repossessed?
Write your answer...
Submit
Still have questions?
magnify glass
imp
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 if you lose your job?

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


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 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.


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

No.


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.

People also asked