Sorry, but you will lose the car. Repossession is they way creditors guard themselves against losing money on a loan.
Pay what you owe.
If your was repossed you need to call the car company and pay your car
In Chicago, IL if your car is repossed by the dealer do you still have to pay back the money for the car?
yes you would have to pay all the back payments and probably a fee.
Yes. You are also responsible for repo fees, storage, auction and collection fees. You pay for it all.
First off it is not your car. The car belongs to the lender until you pay for it. Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
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.
If you borrowed money to purchase a car then you are required to pay it back.If you borrowed money to purchase a car then you are required to pay it back.If you borrowed money to purchase a car then you are required to pay it back.If you borrowed money to purchase a car then you are required to pay it back.
If the car is repossessed then that means the bank owns it. So if they own it and they have it, then no you do not need to pay for insurance on it unless you plan on getting it back.
The bank or loan company will sell the car for whatever the highest bidder will pay. The amount they receive will be deducted from the balance you owed on the car. You will have to pay that difference plus any repossession fees associated with retrieving the car from you. Your credit will be ruined for 7 years because you failed to honor the contract you entered into with the lender.
Yes, you still have to pay. You signed a agreement stating that you would pay for the car. So the balance that you pay is the cost of the repossession and the cost of the vehicle after it is sold. No! Then company will try to scare you but you don't have to pay it because its still going to be on your credit report.
Yes. As the comaker on a loan, you are equally responsible for its payment. In the event the other party defaults, you either pay the loan yourself, convicne the other party to, or if able file bankruptcy.