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After sale of car, lenders options are get a judgement, garnishee wages, attach other property. Each is at the lenders option. try to work out a pyment with the lender that you can live with. lenders dont really want to spend any more money on your account than they have to, but do want to collect as much, as quick as possible. Good Luck

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βˆ™ 2004-07-17 22:07:46
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Q: What happens if you cannot pay the off the car loan once it has been repossessed and sold at auction?
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Related questions

Can your wages be garnisheed in the state of Nc 2 years after the truck has been repossessed and sold at auction?

Yes they can


If your car has been repossessed and you cannot pay what you owe should you let them sell it?

You have no choice.


What happens in Texas if you voluntarily have your car repossessed and money is still owed after the car has been sold at an auction?

Chris, I dont know the answer to the question YET. I will find out today. Email me latyer on and Ill have it for you. What does the lender "say" they will do???


If the creditors repossessed a motorcycle and then DID NOT sell it at an auction do you still owe?

No you don't still owe; once the motorcycle has been repossessed, it is no longer your concern. Whether the creditor sells it or fails to sell it is the creditor's problem, not yours.


What happens to cars after they have been repossessed?

They get resold as used cars to make some of the money back.


What happens to cars that have been repossessed but not auctioned off yet?

They are impounded until further action is taken


What has to happen before a creditor can have your care repossessed?

A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.


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.


In California what happens if a vehicle has been charged off and it has been over a year and you still have it but there has been no contact or correspondence from the bank regarding a repossession?

It might get repossessed.


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 at an auto insurance auction?

At an auto insurance auction you can buy cars at cheaper prices. Some of these cars have been recovered from theft, used as rental cars, or even donated to the auction.


Will a dealer allow you to use a car that should have been repossessed but was never picked up as a trade-in?

If you cannot produce a "clean title", you cannot sell or trade the vehicle.

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