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It will most likely be resold ... the loan company paid for the car to whomever it was bought from. They need to recover the money they spent, and if selling that car again is what it takes, then they will take that approach. Some will say "that is selling the same car twice" ... no, not really - it was sold once and the buyer refused to make the payments. The car is owned by the company that loaned the money in the first place. They have bills to pay just like everyone else ... they loaned money out, and they need it paid back.
It also could be sold at an auto auction ... for the amount that is still owed ... usually a cash sale for the full amount.
What else can I help you with?
If your car gets repossed can you get your possessions that you had inside?
yes
What happens if I can't payoff my car by the maturity date?
get repossed
Who is liable if parts are sold from a repossed car?
The person or company that repossed it.
Personal belongings in a repossed vehicle in the California?
TO ANSWER YOUR QUESTION WHEN A CAR GETS REPOSESSED AND GETS RETURNED TO THE ORIGINAL OWNER ANYTHING AND EVERYTHING IN THE CAR IS LEGALLY GOING TO BE TRANSFERRED TO THE ORIGINAL OWNER OF THE CAR
What happens if you hide a car from being repossed?
That is what we call theft. And then you will be sued, your wages garnished and your credit destroyed.
What happens if I Default on a business car loan?
the car will most likely be repossed and a court order issued against you for what is owing plus costs
How do get your repossed car back in Arizona?
Pay what you owe.
Can my car get repossed from a private parking lot?
Yes, it can.
How do you find out who repossed your car?
The lender who holds the note on your car, is the one that repossessed your car.
Your car was repossessed how can you get your car back?
If your was repossed you need to call the car company and pay your car
What happens to payments made after a car is repossed?
Payments made after a car is repossessed will no longer be returned to the debtor. In fact, the lender can still require the debtor to pay the remaining balance of the loan.
Your vehicle gets repossed you owe 11000 they your vehicle gets repossed in Ohio you owe 11000 and they sell it for 6000 do you have to pay the 5000 dollar difference sell it for 6000 do you have to p?
you usually do. it happened to my brother.
