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.
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.
if i get my car repossessed, can they put a llien on the house?
You loose your car...
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.
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.
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
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.
Normally your credit is ruined for 7 years.
You will also be liable for any deficiency balance
yeah. It happens
then you go and kick that person and repposses that car.... They call cops and you ignore those guys....
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.
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.
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.
No, but your car can be repossessed if you don't make the payments.
If the car is being repoed then you owe something.
The car will most likely be repossessed unless you make up the missing payments and penalties.
if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed
When a car has been repossessed the person paying the insurance should cancel it.
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.
Yes. For any amounts not recovered insluding repo costs.
im sorry you can not
Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.
The repossess the car, can get a judgment against you and your credit is badly damaged.