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.
if i get my car repossessed, can they put a llien on the house?
You loose your car...
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
Normally your credit is ruined for 7 years.
You will also be liable for any deficiency balance
then you go and kick that person and repposses that car.... They call cops and you ignore those guys....
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.
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.
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.
No, but your car can be repossessed if you don't make the payments.
The car will most likely be repossessed unless you make up the missing payments and penalties.
if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed
When a car has been repossessed the person paying the insurance should cancel it.
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.
Yes. For any amounts not recovered insluding repo costs.
im sorry you can not
Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.
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.
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.
No. Your car gets repossessed, it's on you. You don't get to pass that on to someone else.
Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.
I have a welding machine on the truck they repossessed can they keep that?
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.