You are responsible for the entire amount that you owe them - (minus) the amount they get for selling it, which won't be much with $6k in damages. They will report it on your credit, possibly try to get a judgment against you so they can garnish your wages or lien your property (these laws vary by state) but most likely they will just report it on your credit once as a repo, then as a charge off for the amount left.
If the car is that badly damaged the lender will refuse to take the car.They will still come after you for the money owed.In your contract it will state any damage to the vehicle that was caused by you, that you will be responsible for the repairs that the lender has made. Plus the balance and all fees accured.If you were to file bankruptcy these debts will be wiped out and the lender eats the repair bill along with the rest. That is the reason lenders will not take back a damaged vehicle.
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Related Questions
Car was recently damaged then was repossessed what happens?
If car is wrecked or damaged BEFORE the repossion takes place they still take the car "AS IS". In some states you may be liable for the damages but others it is repo'd AS IS.
What happens if you get your car repossessed?
if i get my car repossessed, can they put a llien on the house?
What happens to you if your car is repossessed?
You loose your car...
After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
What happens to your credit if your car gets repossessed?
Your credit is severely damaged. Stays on your credit report for 7 years. Don't let this happen. Contact the lender and work something out.
What happens to your credit when your car is repossessed?
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
When a car is repossessed what happens to its owner?
Your credit is damaged. You are then responsible for the difference in what the lender sells the car for and the balance on the note. It cost you in more ways than one. Don;t let it happen to you. The lender does not want to repo the car. Work out something with them.
What happens to your credit after a car is repossessed?
Normally your credit is ruined for 7 years.
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
Is it damaged the car if you park the car and heating up?
yeah. It happens
What happens when your car is repossessed and they damage your car?
then you go and kick that person and repposses that car.... They call cops and you ignore those guys....
How can you locate your repossessed car?
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.
Can your car be repossessed due to no registration?
No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.
What happens if a car is repossessed?
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.
Can your car be repossessed if you lose your job?
No, but your car can be repossessed if you don't make the payments.
If you file for bankruptcy and your car is being repossessed through the bankruptcy with a loan on it and the car interior has been modified and damaged would you still owe anything on it?
If the car is being repoed then you owe something.
What happens if you default on car loan in divorce?
The car will most likely be repossessed unless you make up the missing payments and penalties.
Can a car be repossessed from a car dealership?
if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed
Can a car be repossessed with a person in the car?
No.
When a car is repossessed what do you do with the insurance?
When a car has been repossessed the person paying the insurance should cancel it.
What happens when a car is repossessed in the state of Georgia?
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.
What happens when you have had your car repossessed do you still owe the bank?
Yes. For any amounts not recovered insluding repo costs.
Where do you get a car after your car was repossessed?
im sorry you can not
What happens to a co-buyer if the car is repossessed?
Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.
What happens if you don't pay your car loan?
The repossess the car, can get a judgment against you and your credit is badly damaged.
