answersLogoWhite

0

  • Auto Loans and Financing
  • Repossession
  • Student Loans and Financial Aid

What will happen to a car once it is repossessed?

User Avatar

Wiki User

βˆ™ 2006-04-05 04:58:05

Best Answer
Copy

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

2006-04-05 04:58:05
This answer is:
πŸ€“
🀯
πŸ€”
User Avatar

Your Answer

Loading...

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

The car will probably be repossessed.


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.


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.


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.


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.


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.


Is it legal for the repo company to break into your car once it has been repossessed without a key?

The car is not yours, it belongs to whoever got the repo company to collect it. They can decide what happens to the car, if they instruct the repo company to break into it, then that's what will happen.


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.


Can your car be repossessed if you lose your job?

No, but your car can be repossessed if you don't make the payments.


How many times can your car be repossessed?

After it's been repossessed once, it's not your car anymore, so... once? If it's repossessed and you're able to bring the loan current and redeem the car before it's sold so that you get it back, there's no limitation on the bank repossessing it again should you again fall behind. This could theoretically happen every single month of the loan, though in practice most lenders would insist that you either pay off the loan in full or give up the car on the second or at most third repossession.


If a car is repossessed twice will it show up on your credit twice?

I'm struggling to find a way for this to happen. If they took the car the first time, how did it come back for a 2nd repo? I have to imagine that you somehow bought the car once more and somehow landed financing for it again. Then, the 2nd company repossessed it. If this is the fact pattern, yes, it will show up twice.


How much time in the state of Kansas do you have once you receive notice that your car will be repossessed before the car is actually repossessed?

One Kansas attorney says 20 days and another says 10 days.


If your car has been repossessed are you required to continue insurance and for how long?

Once your car is repossessed, it is covered by the repo companys and the lenders VERY expensive ins. No need for you to maintain coverage UNLESS you plan on redeeming it ASAP.


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.


What if your car is being repossessed?

They will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact the lender and work something out.


What will happen if you take back a car that was repossessed especially if they can't prove that you took the car back?

you will go to jail for auto theft when they catch you.


Are you still responsible to pay off the remainder of your car balance once it is repossessed?

YES. Read your contract.