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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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โˆ™ 2006-02-19 17:10:06
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Q: When a car is repossessed in Texas do you still have to pay the loan?
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Related questions

If you have never had a car repossessed you have had a house repossessed Can I still get a car loan?

Most likely not depending on what financial situation you're in.


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

The vehicle can be repossessed.


Do you have to pay the difference on a repossession car loan?

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.


Can you still owe money after your car is repossessed because of the recall?

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


What happen if you can not pay your car loan?

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.


Can you still owe money on a car that was repossessed and resold to another buyer?

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.


Can your car be repossessed on a title loan after gone into collections?

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.


If a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?

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


If your car is repossessed do you still have to pay for it?

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.


Do you still have to pay part of the loan depending on the value of the car if it is repossessed in California?

YES, you pay all the loan amount, sooner or later.


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.


Who pays the loan if a car is repossessed?

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


Does a person who shares the title on a car but who is not on the loan have any legal responsibilities if the car is repossessed?

NONE on the loan.


Can you get sued for the balance of your car loan after the car is repossessed and sold?

Yes.


Can a car be repossessed in California without a lien being placed on the title?

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.


What are the best ways to rebuild your credit after your car was repossessed?

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


If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?

Yes. If you default on your car loan you will remain liable for the debt.


If you voluntarily let your car be repossessed by the lender do you still have to pay on the loan?

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


How long does one have to be delinquent on a loan before a car is repossessed?

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.


Can a cosigner have a car repossessed if the loan has been in arrears?

yes


How can you get your car back if you paid the car loan off but haven't paid the interest that occured over the years off and they still came and repossessed your car?

The car was repossessed one week before being off, now the creitor wants to charge me repossesses fees.


Can the loan co. who repossessed car tack on interest after car is sold at auction?

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Ways to cause your car to be repossessed?

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.


If spouse buys you a car can dealer come take car if he is not paying on the loan?

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


Can a car be repossessed if the owner dies before the first payment is due?

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