Auto Loans and Financing

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

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Wiki User
2006-08-17 21:18:03

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.

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