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It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.

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โˆ™ 2006-04-05 04:58:05
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Q: What will happen to a car once it is repossessed?
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Related questions

What do you do once your car has been repossessed?

I have a welding machine on the truck they repossessed can they keep that?


What do you do about your car insurance once your car is repossessed?

Cancel your policy.


What can happen if you havent paid your car in 4 months?

You can be sued and your car repossessed.


What will happen if your car down payment bounced and you made a particial payment?

The car will probably be repossessed.


What can happen to your debt after your car is repossessed?

Your debt is then written off as the car covers the cost of the debt.


What has to happen before a creditor can have your care repossessed?

A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.


What can happen if you don't pay a title loan and you still have the car?

The vehicle can be repossessed.


If your dogs are in their crates in the car and you are in the supermarket can your car be repossessed What would happen to your dogs?

check the local pound.


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.


Can your car be considered repossessed and put on your credit report as repossessed if they never picked up the car?

Absolutely. Once the car is considered repo'd it is all paperwork, otherwise you could just hide the car from the lender.


What happens if you get your car repossessed?

if i get my car repossessed, can they put a llien on the house?


My car was not repossessed but the account was charged off what can happen?

Will be repossessed, be patient. You either pay off, or pay off. No longer able to make payments. They will repossess the car and sue for the difference. Sorry.

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