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No. A car is repossessed because you failed to finish paying for it. Since you never fully paid for it, it's not yours.
No. You do not own the car once it has been repossessed. To sell the car you would need the title, which is in the hands of the finance company.
After a repossession, usually 30 days later the finance company places the car in an auto auction. There it is sold to the highest bidder. In the rare case that the net proceeds from the sale exceed what you owe for the car (plus interest, penalties, repo fee, etc.) the finance company has to send you a check.
If you can redeem the car by paying the full past due amount plus interest before they place it in the auction sale, then you can sell the car.
What else can I help you with?
If your car has been repossessed and you cannot pay what you owe should you let them sell it?
You have no choice.
When a car is repossessed what do you do with the insurance?
When a car has been repossessed the person paying the insurance should cancel it.
Can a title pawn sell your car after its been repossessed without telling you?
Yes. Once you default on your loan, it's their car. They're not obliged to tell you anything.
What do you do once your car has been repossessed?
I have a welding machine on the truck they repossessed can they keep that?
How soon can you buy a car after a car has been repossessed?
You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.
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.
In Utah can your wages be garnished for a car that was repossessed?
You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.
Can you sell the engine out of a car that is going to be repossessed?
No, you must surrender the vehicle in the condition you received it in.
If a car is repossessed and they sell the car how much can you owe?
The difference between the sale price & loan balance is what they will bill you for.
Do you have to insure a car that has been repossessed?
No, since the car is no longer considered "your" property.
Can a cosigner have a car repossessed if the loan has been in arrears?
yes
If your car is repossessed are you responsible for the balance after they sell your car in Illinois?
You are unless it's a TITLE LOAN, they usually write it off.
