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If you don't pay the balance of the loan after repossession, the lender can take you to court for the remaining balance or they can charge it off. Neither is a good thing, so it is best to pay the remaining balance as soon as possible.

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Most vehicles that have been repossessed are sold at auction. When this occurs, you are responsible for any balance that remains less the monies collected from the sale. If a balance remains and you fail to pay it then the creditor or lending agency can sue for the balance due plus legal fees.

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โˆ™ 2010-07-27 01:31:35
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Q: Will you get sued for the money you still owe after your car is repossessed?
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Related questions

Can your car get repossessed after bankruptcy?

not if you still owe money on it


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

Yes.


What can happen if you havent paid your car in 4 months?

You can be sued and your car repossessed.


If you LEASE a car and have it voluntarily repossessed will you still owe money on it?

Yes


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.


Can you buy another car even though is repossessed?

If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.


Can your car be reposessed after six years?

If you still owe money, it may be repossessed at any time.


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 you be sued for a car that has been repoed?

If your car was repossessed, they will sue you for the difference in what the car sells for and the balance on the loan, plus repossession fees.


F a car was repossessed two years ago and you put an old car that a friend had on the road can they come after that vehicle for the money still owed after auction?

No. They can repossess their collateral (the car which was repossessed), and they can send a collection agency to hound you for money, but they can't confiscate your property.


After 8 years after your car was repo you are being sued i did not receive a letter after repo?

Did you borrow the money and sign a contract to repay the loan? Did you have your car repossessed because you failed to make your payments? They repossessed your car and sold it, and you owe the difference in what the car sold for and the balance on the loan. What difference does a letter or 8 years make. Be an honorable honest person. Pay them their money. Legally you may get out of paying but morally you owe them the money you borrowed.


Can a car be repossessed if money is owed to mechanic?

Yes

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