They will auction the car and you will have to pay the difference of what you owe and what the car sold for.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.
you'll owe what's left on the contract after the vehicle is sold (probably through auction). Example: you owe $2500, the car sells at auction for $500, you owe $2000 because you signed a contract stating you'd pay a certain amount, that's what the creditor is after.
not if you still owe money on it
I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.
If you sell a car you owe a creditor a balance on, you pay the creditor the amount you owe him in order to get the title to the vehicle to turn over to your buyer. Anything over the balance owed to the creditor is yours to keep, assuming you sold it for more than you owed on it. If you sold it for less than you owe on it you will have to pay the additional amount out of your pocket to get the title.
When you have a car repossessed, either voluntarily or involuntarily, that car will be resold - typically, at an auction. You will still owe the lienholder the amount you owe (plus any associated recovery costs) minus the amount they got for it at the auction.
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.
depends on your state laws and your loan agreement. In my state you are responsible for what ever you still owe on the car and any fee I charge. If your car is sold that amount will be deducted from what you owe. In other words, I repoed a car and the guy owed $2000, I bought it for $600 plus my fee. He still owes the bank. $1400