answersLogoWhite

0


Best Answer

The lender sells the vehicle, sometimes at auction. They attempt to get whatever they can for it. Often the price the lender gets is less than the outstanding loan. If the lender gets less for the vehicle than the amount that is owed, the lender will seek the balance (the difference between what was owed and what they sold it for) from the borrower. So, lets say you bought a car for $1000. You quit making payments. You still owed $800 when the vehicle was repo'd. The lender sells the vehicle at auction and gets $500 for it. The lender will come after you for the remaining $300. That's pretty much how it works. Bottom line: make your payments. This is where aflac comes in handy.

User Avatar

Wiki User

โˆ™ 2007-05-30 03:14:17
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar
Study guides

U.S GOVERNMENT , U.S HISTORY , U.S RIGHTS , U.S LAWS , U.S CITIZENSHIP .... and more

67 cards

selection process for all federal judges

appellate jurisdiction vs original jurisdiction in federal courts

how did the 14th amendment affect civil liberties in the united states

what term describes the view that only fundamental bill of rights protections should apply to the statesย 

โžก๏ธ
See all cards
3.5
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
8 Reviews

Add your answer:

Earn +20 pts
Q: What happens after a vehicle is repossessed?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What happens when your leased vehicle is repossessed?

READ your lease contract. It should specify the results of repossession.


What happens when you cannot locate a vehicle that is to be repossessed?

If there is evidence of fraud, the person hiding the vehicle can be prosecuted and possibly even put in prison.


Can a disabled person's vehicle be repossessed in Florida?

A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.


What happens when lease cannot be paid back?

The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.


Can your vehicle be repossessed if you are awaiting to be paid by the federal government?

It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.


What happens if you get your car repossessed?

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


Can you get your vehicle possession after your vehicle was repossessed?

by paying the bill or rebuy it at an aucton


Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?

it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.


In Texas can a car be repossessed if it is blocked by another vehicle?

no!


What hours can a vehicle be repossessed in CT?

24/7


Can you trade in a vehicle that is about to be repossessed?

Technically (and leagally) yes.


Can a repossessed vehicle be moved to a different county?

Yes, it can.


Do you have a right to have a repossession letter before my vehicle is repossessed?

no


Can a vehicle be repossessed across state lines?

Yes it can.


Can your vehicle be repossessed for late payments?

Obvious answer, Yes.


What happens to you if your car is repossessed?

You loose your car...


If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?

you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.


How long before your vehicle can legally be repossessed?

WE'RE ON OUR WAY!!!!!


Can a vehicle be repossessed by judgment order if there is a lien on it?

YesYes


Do the car dealer have to return rims that were added to the repossessed vehicle?

No


If a car that is being repossessed is at a residence of someone else and a vehicle is behind the car to be repossessed can they move it lawfully?

No. Absolutely not. If they enter a vehicle they do not have an order of repossession on, they've committed a crime. They may enter the vehicle they are there to repossess, and only the vehicle they are there to repossess.


In pa when a vehicle is repossessed does the finance company have to tell you what their doing with the vehicle?

Usually, they do not have to tell you what they are about to do to your vehicle. But, the procedure is is that they will sell your vehicle in an auction.


Do you have to pay the whole vehicle off if it is repossessed?

Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.


When can the lender resell a repossessed vehicle?

a lender can do as he/she pleases with the vehicle after 31 days...in the state of Alabama


What is a repair facility's reonsibility regarding vehicle repossession?

They have no liability for a vehicle repossessed lawfully from their property.