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Who pays the loan if a car is repossessed?

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2005-07-27 23:26:49
2005-07-27 23:26:49

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

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If the heirs at law want to keep the car, they must pay off the loan. Otherwise, the car would be repossessed by the lender.



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 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.


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.


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.


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.



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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If you have no lien on your vehicle then no one has a legal right to repossess it. If you're not behind on the payments there would be no reason for the lender to reprocess the car in the first place. It is hard to believe you have a loan on a car without a lien. The car stands behind the loan. If there's no lien on the vehicle then the car is not involved in the loan and cannot be repossessed.


I could call the loan holder, or I could have you do it.



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.


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.



As long as you have a clear title in your name, you can get a Title Loan.


Yes he/she is just as responsible for the loan as the signor of the loan.



Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no



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