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You are still responsible for the balance of the contract, in addition to repossession, collection, and legal fees. Added to this can be transportation costs, storage costs, auction fees. The car should be sold and the sale amount deducted from your contract balance. What ever is left is called a deficiency balance and your are still liable for it. Keep in mind that most repossessed vehicles are sold at a substantial loss (much less than for what is owed) and the additional fees can result in a higher balance than the original payout on the vehicle.

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13y ago

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

The vehicle can be repossessed.


Can a car dealer in Iowa still make you pay part of loan after a car has been repossessed?

Yes. When a vehicle is repossessed, it gets sold again. The amount received from the sale is deducted from the balance owed (which will now be augmented by repossession fees, storage fees, service fees, etc), and you will still be liable for that amount of money.


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.


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.


Do you still have to pay a california vehicle registration debt sent this year if the car was repossessed last year?

If you had the vehicle registered before it was repo'd, of course you do.


If a car is repossed you do you still pay the reminder of balance?

When a vehicle is repossessed, it is usually put up for auction. If the monies recovered from the auction is not enough to cover the outstanding balance on the loan, the person the vehicle was repossessed from is expected to pay the difference. It's a bummer, but that's how it goes.


Your vehicle was repossessed and sold at the auction after the fees you still owe 292 how will this reflect on your credit IF you pay it off?

It will show as paid or satisfied.


If your house is repossessed due to a secured loan and there is not enough equity to pay the loan what then happens to the secured loan?

You will be liable to pay the debt outstanding.


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.


What do you do if your vehicle was repossessed if you were the co-borrower and the other borrower has filed Chapter 7?

You either pay or dont pay or file B/K also. If a co-borrower has debt discharged through bankruptcy, the other signatory is 100% liable for the balance of the loan.


Do you have to have insurance on a repossessed vehicle?

No. It's insured by the repossesor. Matter of fact if he wrecks it he has to pay.


Your vehicle was recently repossessed you were told that you would have to pay a 25.00 administrative fee to get your personal belongs from the vehicle Do you have to pay an administrative this?

If you want your property back, yes.