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They are sent to an auction and sold.

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โˆ™ 2011-12-26 16:35:17
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Q: What happens to title loan cars when they are repossessed?
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Can your car be repossessed on a title loan after gone into collections?

Yes, your car can be repossessed if the title loan is in collections. Actually, this is one of the most common ways for a defaulted title loan to be settled.


Can a car be repossessed in California without a lien being placed on the title?

IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.


Can a car be repossessed if there is a lien holder on title but there is no actual loan?

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Does a person who shares the title on a car but who is not on the loan have any legal responsibilities if the car is repossessed?

NONE on the loan.


What can happen if you don't pay a title loan and you still have the car?

The vehicle can be repossessed.


Do you still owe title loan after vehicle is not working and repossessed?

YES! Including any interest.


Where can repossessed cars be bought?

Repossessed cars may be purchased from many car dealerships some specialize in repossessed vehicles and others may have the occasional defaulted payment. Another great place to find repossessed cars is with a financial institution, there are many people struggling, taking credit, the car is often the first thing repossessed when the loan is called in.


Why has your vehicle been repossessed if you are up to date on all title loan payments?

Call the loan company and ask them. If you are up to date on your loan you have a case against them.


If your house is repossessed due to a secured loan and there is not enough equity to pay the loan what then happens to the secured loan?

You will be liable to pay the debt outstanding.


If you already have the title to your car but the loan has not been fully paid can it be repossessed?

As long as there is a security interest in your car, YES, it can be repoed if the loan is not paid. Just think how many people would buy cars today if your situation happened everyday.


If an auto loan is in one person's name and the title in another person's name can the vehicle be repossessed?

Yes.


If your car is repossessed are you responsible for the balance after they sell your car in Illinois?

You are unless it's a TITLE LOAN, they usually write it off.

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