Vehicle Titles
Repossession

What happens to title loan cars when they are repossessed?

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2011-12-26 16:35:17
2011-12-26 16:35:17

They are sent to an auction and sold.

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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.


As long as you have a clear title in your name, you can get a Title Loan.


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.



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.



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



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.


The short answer is yes, if you want to keep the car. Otherwise the loan will go into default and it will be repossessed. If you did not sign for the loan, it will not affect your credit.



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.


You need to have the title transferred to your own name and notify the loan company of the change in ownership. Then you will need to pay the balance of the loan or renegotiate the loan with the bank. If you don't pay the loan the car will be repossessed.


what happens if your husband dies and i am on deed,but not on loan.am i responsible for the loan and do i keep the house/


Typically you need a car with insurance to get a title loan. If your car is totaled, the loan company are entitled to that money since they hold the title for your car.


The salvage title has to do with obtaining a loan on the car. However, I would disclose it.



depends if if title says and/or .


No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.


If your car was paid off, then why was it repoed? Or if you mean you paid it off after it was repoed, then if the loan company accepted your money,then they have to give you the car and title back. I would call them and get it back or your money back.


You will lose the car if the Auto title loan is not paid. The lapse in repayment can result in reposession of the car.


Yes, and you will have to use the proceeds to pay off the loan. If you can't sell the car for enough to cover the loan, however, you will not get a title. No one should accept a car without a title.


a lien can be placed on a title without you giving them the title. call your states DMV and ask if you car has a lien on it. I think you will be surprised. Good Luck


Yes it's their car you signed a lease they don't need a title to repossess their car. Title or no title they look up that information and have it mark on that title that the car was repossessed


The one who BORROWED the money and/or the on who COSIGNED the loan.



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