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You dont they most often get liquidated at dealer only auctions.

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โˆ™ 2005-09-16 11:07:50
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Q: Where would go to get a loan on a car that was repossessed?
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If you are the primary on the car note for an auto loan you got with someone else who pays when the car is repossessed?

As the primary, you are the first one they go after.

If your wages are garnished for a car loan but the car hasn't been repossessed can you keep the car?

That's the point. They want the money, not the car, so they garnished your wages to pay that loan. Keep it, drive it, enjoy it. If you want to sell that car, any money would FIRST go to pay that loan and you could keep any cash left over.

Can you go to jail after your car has been repossessed and you don't want to pay the loan?

No you can't be sent to prison.You can declare bankruptcy .

Where can I go to calculate my car loan?

I would suggest you go to They have an excellent loan calculator that you can use for all different types of loan, not just a car loan.

Can you break a lease on a car?

It is possible but not advisable to break a lease on a car. The car would be repossessed, and the repossession would go on your credit report.

Where would a person with bad credit go to get a car loan?

There are many places one might go get a car loan if one had bad credit. One of the best options for anyone seeking a car loan would be one's financial institution.

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

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.

If there are two owners on a auto title and only one signs for a auto title loan and dies is the other person responsible for paying balance of loan?

The short answer is yes, if you want to keep the car. Otherwise the loan will go into default and it will be repossessed. If you did not sign for the loan, it will not affect your credit.

Where can I get advice on car loan?

YOu can get a loan for a car or anoth vehical just like you would get any loan. Go to your banking institution first to see if they offer it at a lower rate.

How can you get a loan if your car was repossessed due to late payments and debt and the finance company says you can't recover it unless paid in full?

Just go get another car. Do not worry about that, lots of places do there own loans and you do not have to go through a bank.

Who owns the car after it is repossessed?

It would go to a car auction and sold on to a new owner and may be sold for a price much less than it is worth

What happens to you when your car is repossessed?

Once it is repossessed, you are ll done with the car and any issues arising from it. Your credit score will take a hit, but that does not mean you can never get anything else on credit. It does mean that your interest rates on a new or used car will be much higher than they normally would be, so forget about ever getting a zero percent deal on than new mercedes! The car will go to auction and the "owner" of the loan will get what they can for it. You MIGHT get a letter from them telling you what the car sold for BUT that does NOT mean that you are to pay the balance between what you owed and what it auctioned for. Nor are you to pay any towing fees. You are all done with that car and that loan forever. Phil

How do you get your car repossessed?

If you don't pay your car payments, people go to your house and take it away.

Will the bank go after your house if you don't pay for your car loan?

no, your car loan is secured by your car, your mortgage by your home

If you are the primary cosigner on a car and your son is the secondary cosigner can he legally have the car voluntarily repossessed without your consent?

well, if you want the loan AND the car, go get it. Tell the bank that you will keep the car.The bank really doesnt want the car, they want money.Otherwise, the bank will let him give it up if he cant pay. THE co-signor is the one with GOOD credit. If the signor didnt need help getting the loan, there would be no "co" signor.

When can a car be repossessed after bankruptcy is filed?

you better go look in you driveway

What bank in Miami Florida can you use to get a loan to pay the balance of a repossessed car?

Hector, Ive never heard of a bank that specializes in that type of loan. That doesnt mean they are not out there. Usually you go whereever you have good enough credit to get the money. If your credit is good enough, the bank that repoed it will loan you money on it.

What if in bankruptcy you ask to keep your car and then can't pay it?

The car will be repossessed, unless you surrender it. If you owe more than the car is worth, the lender will not likely want to accept a surrender unless you can pay the balance due on the loan. Your state may not allow creditors to go after loan balances if they repossess a vehicle. Consult a local bankruptcy or consumer debt attorney.

What if I returned my car after purchasing it one year ago because I can no longer afford the payments?

It would be a very bad thing to do. You are voluntary having it repossessed. The lender will sell the car for whatever they can get and you will be responsible for the difference in what they sell it for and the balance on the loan. They will more than likely wholesale it and you will be stuck owing the rest. Your credit will also be ruined for 7 years. This is a horrible idea. Go set down with the lender and work something out if at all possible. You do not want your car repossessed.

How do you nominate someone to purchase repossessed car?

You don't. The car will go to an auction, and the highest bidder will win it.

would like to know how to apply for a car to drive?

go to the bank and ask for a car loan they will help you through the rest

How do you get car loan if we doesn't have form 16?

GO for personal loan

What can be done if a car was repossessed two years ago due to the cosigners bankruptcy and now the other party is being harassed for it?

The parties who signed the loan are responsible for paying the loan. You can do the B/K deal just like the co-signor did and it will all go away.

Is the consumer liable for the balance of the loan on a repossessed motorcycle in the state of CA?

The vehicle will be sold at fair market value and the proceeds will go to pay off the secured loan. If the auction price does not cover the amount of the loan plus fees - then yes, the balance would be due from the consumer.

Can you use a car as a trade in for your new car if the trade in is titled to your daughter and has an out standing loan signed by another person and your daughter agrees to the trade in?

your daughter would have to sign the release documents for her car. As for the loan, whoever signed the loan would still have to pay the loan, regardless. The loan doesn't go away. If you do consider this, make sure there aren't any liens or any other claims to that car, through the bank or other institution.