Once it is repossessed, you are ll done with the car and any issues arising from it. Your credit score will take a hit, but that does not mean you can never get anything else on credit. It does mean that your interest rates on a new or used car will be much higher than they normally would be, so forget about ever getting a zero percent deal on than new mercedes! The car will go to auction and the "owner" of the loan will get what they can for it. You MIGHT get a letter from them telling you what the car sold for BUT that does NOT mean that you are to pay the balance between what you owed and what it auctioned for. Nor are you to pay any towing fees. You are all done with that car and that loan forever. Phil
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.
Repossessed cars are typically cleaned up and resold on a dealers lot. However, if the lienholder (the person who repossessed it) feels that it will cost too much to restore the vehicle to a sellable status, they will just put it in an auction and take whatever they can get for it.
Repossessed cars are first examined fully to determine the remaining value of the car. If the car is suitable for repossession, it will be resold to another person for a discounted price.
READ your lease contract. It should specify the results of repossession.
It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.
Once a car is repossessed, the bank resells it at auctions to make back the money lost on them.
The company physically takes possession of the car. They sell the car, and apply the sale price to the outstanding loan. You are then responsible for the remaining balance.
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
You loose your car...
if i get my car repossessed, can they put a llien on the house?
Normally your credit is ruined for 7 years.
You will also be liable for any deficiency balance
then you go and kick that person and repposses that car.... They call cops and you ignore those guys....
Unless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.
Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.
The car will most likely be repossessed unless you make up the missing payments and penalties.
No, but your car can be repossessed if you don't make the payments.
Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.
The car gets taken to the impound lot, and you have to file paperwork and pay a certain amount of money to get your car back.
if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed