Repossession
Personal Finance
Loans
Money Management

When a car is repossessed in Texas do you still have to pay the loan?

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2006-02-19 17:10:06
2006-02-19 17:10:06

The car will be sold to satisfy part of the loan. Any money left over after paying for the repo man, and any admin costs will go toward the loan. After that, whatever is left on the note is your responsibility. You STILL have to pay off the loan unless you file bankrupcy.

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Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.

If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.

When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.

yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.

Yes. If you signed the loan, you are still legally responsible for it.

Yes, your car can be repossessed if the title loan is in collections. Actually, this is one of the most common ways for a defaulted title loan to be settled.

The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.

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.

The one who BORROWED the money and/or the on who COSIGNED the loan.

Paying off what still owed on the loan is a GREAT start.

IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.

Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost

To determine how long one will have to be delinquent on a loan before a car is repossessed depends entirely on where the loan was taken from. Different places allow different payback requirements.

The only way you can have your car repossessed would be to not make any payments. If you have taken out a loan and have not made payments, they will take your car away.

Yes a vehicle can be repossessed if the loan is not being paid on.

The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.

Not only that, but you are expected to pay the arrears payments, too. The loan is still outstanding and the lender has every right to collect from the borrower what was promised (in writing) by them to pay.

In almost all cases, YES. At the very least you will pay the difference in what the car sells for and the balance on the note.

When a car is repossessed it usually means the owner is no longer able to make the payments. It is repossessed by the dealer or the bank in which to owner has the loan through.


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