Best Answer

The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.

User Avatar

Wiki User

โˆ™ 2010-04-10 23:10:36
This answer is:
User Avatar
Study guides


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

See all cards
73 Reviews

Add your answer:

Earn +20 pts
Q: What happens if you can't pay any remaining balance on a repossessed car and do not have a job?
Write your answer...
Still have questions?
magnify glass
Related questions

What happens to a duck with a broken bill?

He cant fly because his balance would be bad, they cant fly

Can a motorcycle be repossessed if you cant afford the payments?

Of course.

Can a car be repossessed if it is left behind a closed garage?

No, it cant.

How do you stop collections on a repossessed vehicle My car was repossessed in Missouri the bank sold it and now a collector wants me to pay the balance not the difference. Any advice I need help?

When your car is repo'd and it is auctioned off you are to pay only the balance of what you owe on the loan. So if you owed 10,000 and is sold for 8,000 you pay the balance of the loan whic is 2,000. If you have collections on your credit report call and have it investigated this way they cant keep renewing it for 7 years.

What can you do if the lender repossess your car and they get half of the loan and you cant pay the balance?

The lender will come after you for the remaining balance after the car is auctioned.You can either declare banckruptcy or work out a payment plan...or thelender can seek a judgment to garnish your wages.

Can car be repossessed with 2 payments left? it off so they cant

What is worst that can happen if you cant pay your bank loan in Ireland?

Your home could be repossessed by the bank.

If you get a vehicle repossessed in Texas what happens to the trade in?

I could be wrong here, but my feeling is that it is GONE. Why, it was part of the total deal just as if you had payed that much CASH down. It will be used up in the balance owed. You cant sign a contract, drive for a while and then say "I changed my mind, lets put everything back like it was." The deal is a deal is a deal. Good Luck

Is there a time of the day your car cant be repossessed?

No u can get ur car repossed any day and any time.

How do you re-plate fashion jewelry?

you cant you have to eat the remaining pieces

What are your options to prevent garnishment if your car has been repossessed in Oregon?

First option is work strictly for CASH. Cant garnishee what they cant see. Oregon laws are here and here

What happens at the theater?

i cant

People also asked