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One of two things can happen after the car is repoed.
1. You redeem it by paying the past due and towing fees or
2. You let the lender sell or auction off the car.
If the selling price is enough to pay off the loan, then good..your credit it will show the account as a repo with no balance.
If the selling price wasn't enough, then the deficiency balance will still have to be paid...by you.
Again, you have choices..maybe not what you want but choices non the less....
you make whatever the balance that is left in one lump sum,
you make arrangements to make payments on what is left...and keep those arrangements...(it will help your credit in the long run) or
you don't pay anything until a judgment is filed and you are garnisheed.
Depending on the state you live in, the amount can range from a little out of each of your paycheck to alot.
Either way the bill gets paid.
You need to decide if it is worth all the trouble and embarrassment not to pay the bill.
Good Luck
What else can I help you with?
What can happen to your debt after your car is repossessed?
Your debt is then written off as the car covers the cost of the debt.
What can happen if you havent paid your car in 4 months?
You can be sued and your car repossessed.
Can your car be repossessed for credit card debt?
Unless the credt card company is the lienholder on your vehicle, no.
Can your car be repossessed if there are children's safety seats in the vehicle?
Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.
What if your car is about to be repossessed but it gets stolen who is then responsible?
YOU are responsible for the debt that is secured by the "stolen" car. Be sure to make a police report on the 'stolen" car.
If your car is repossessed in Arizona can they collect any deficiency or is the debt forgiven when they take possession?
The debt is NOT forgiven. See link below. ArizonaRevisedStatutes
If you had a car loan that included a 4000 credit card debt and the car was repossessed and there is a 13000 deficiency do you have to pay the full amount or do you have any recourse?
Yes, you still own the debt.
What will happen if your car down payment bounced and you made a particial payment?
The car will probably be repossessed.
What has to happen before a creditor can have your care repossessed?
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
Can my deceased father's car get repossessed?
If there is debt and the estate isn't paying for it, yes. The estate should make arrangements to resolve the issue. If they don't pay the loan, it can be repossessed.
What can happen if you don't pay a title loan and you still have the car?
The vehicle can be repossessed.
If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?
Yes. If you default on your car loan you will remain liable for the debt.
