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Do you have to pay the whole vehicle off if it is repossessed?
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.
Are you free and clear of responsibility for your vehicle once it has been repossessed?
Mary, the answer is NO. You will have to pay the balance due after the sale price has been deducted.
What do you do once your car has been repossessed?
I have a welding machine on the truck they repossessed can they keep that?
Do you have an opportunity to make good on the payments and recover the vehicle in California once a car has been repossessed?
YES, you should get a notice from the lender outlining what ya need to do.
Does a bank have to pay tickets on a car it has financed or leased?
No. Tickets must be paid by the driver or the individual leasing the vehicle, and not by the bank. However, once the vehicle has been repossessed, the bank is then responsible for the vehicle (including any tickets which may accrue).
What are your rights to property in your vehicle once it is repossessed in NJ?
You rights are to GET IT BACK, PP is not subject to the security interest on the car.
Does the DMV get notified of a reposession if they have not found the car yet?
No. Only when the vehicle is repossessed and always once the licence plates are turned in.
When a car is repossessed are you still responsible if is involved in an accident?
Once the agent takes possession of the vehicle, they are responsible for any damages which occur.
Once a vehicle is repossessed does it lawfully have to remain in the same county as the person it was repoed from?
PA is the only state I have seen with that law. There may be others.
Can a car dealer resell a repossesed car in Illinois?
When cars are financed, they're usually financed by a bank or some other type of lender. Once the car is repossessed, and the person it's repossessed from fails to recover the vehicle, the vehicle is sold at auction. Dealers attend these auctions, and bid on those cars. Once they've placed a winning bid and paid for the vehicle, it's theirs to sell. Now, if a dealer is the one who financed the car, they'll be the ones to repossess it. Once they've determined the person it was repossessed from isn't recovering the vehicle, they have every right to sell it. Hate to break it to you if this was your car, but it was never yours - so long as there's a lien on that vehicle, the lien holder is the rightful owner of the vehicle. Once they've given up on you reclaiming and making further payments on that vehicle, they can do whatever they want with it - because it belongs to them, and always had, from the moment they became the lienholder.
Does rent a wheel have right to remove wheels on repossessed car?
Once they have the vehicle, they can do what they want with it. Making it immobile so that it can't be stolen seems prudent.
Why would repo man surrender plates to dmv?
A repo man may surrender plates to the DMV if the vehicle they have repossessed is not roadworthy or if the owner has not maintained the required auto insurance. Surrendering the plates ensures that the vehicle cannot be driven illegally.
