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When a car is repossessed do you still have to pay for that car?

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βˆ™ 2006-08-17 21:18:03

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Yes. If there is a difference between the value of the vehicle and the balance still owed on the loan, plus applicable fees and interest, it must be paid by the borrower. However, the actual value of the vehicle may not be the amount that it is sold for even though the lender/seller is legally required to make a reasonable attempt to get the market value.

2006-08-17 21:18:03
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If car is repossessed does the owner have to still pay original cost of car?

In most cases YES


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

The vehicle can be repossessed.


Can a car be repossessed from a car dealership?

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How can you locate your repossessed car?

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If you allow a car you cosigned for to be repossessed then pay off the balance after it is auctioned will it still affect your credit?

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Do you have to pay the whole vehicle off if it is repossessed?

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not if you still owe money on it


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