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You will pay the difference in what they sell the car for and the balance that is owed on the note. You may also pay the repo fees. Your credit will be ruined for 7 years. Contact the lender ASAP and work this out. They do not want to repo your car and I am sure you do not want to loose it. Actually they have to sue you first to garnish your wages but why let the facts get in the way.
What else can I help you with?
Does a repo agent have to notify you if they are going to repossess your car?
no
If you are threatened with a repossession can you pay the balance before they repossess the car?
IF the lender accepts it you can.
If your car is going to be repossessed but you make a payment to get caught up can they still repossess the car?
Until the LENDER cancels the repo order with the repo company, you are fair game.
My car was in an accident and is still at the body shop which hasn't been paid yet he finance company wants to repossess the car. Can they repo it from the body shop?
Yes, the finance company can repossess the car from the body shop. They would likely wait for the car to be fixed before they repossess the car.
My car got repossess do i still have to pay for it?
when they take your car it go's to a auto auction not in your home town and if it does then you have the right to bid on it. anyway they auction it off and you could be libal for the balance after the auction price. If you knew you were going to lose it and gave it back or called and said come and get it more less you will not pay anything.
Can a bank report a car stolen if in default of payment?
YES, IF YOU CLAIM NOT TO KNOW WHERE IT IS. If you call the bank and say I dont know where the car is its gone, they are going to tell you to report it stolen. If you stop making payments on it then they will repossess, if there is no car to repossess then you are still responsible to pay the monthly payment car or no car If you stop paying and there is no car to repossess then they at that point can take legal action against you. I dont know if its reported stolen but take my word for it you will pay somehow.
What will happen to you if your car is 6 months behind in payments and you still have possession of the car?
The lender will eventually repossess the car.
How does a lender get a judgment against you for a loan when they repossess a car?
You owed more money than the car was worth and they wish to collect the balance.
Can the dealership charge you with auto theft if you are in default on your payments?
Not if you are on the title to the vehicle and own it. Whoever holds the loan on the vehicle can repossess the car however if you are late with payments. Contact the lender and work something out. You do not want your car repossess. Credit will be ruined for 7 years, and you will still have to pay the repo fees plus the difference in the balance on the note and what the car brings when they sell it.
Can they repossess your car if you've paid for 70 percent of it?
The answer depends on the laws in your state.In some states if you don't pay, you lose it.In Mississippi, after the bank sells it, they cannot make a profit. They have to send you what's left.Not ALL lenders have to return the overage. Some only have to return 85%.Yes, they can still repossess your car, but in most states, if you have paid over 65% of the balance of the loan and the original balance was under $5,400.00, they can't sue you for the deficency balance. Most finance companies, if the vehicle is of any value, will repossess it and resell it to recover any losses they may have.
If you don't pay the first payment for your loan can they repossess the car and still collect the amount the car is worth from you?
Yes.
What happens if you have not paid your car loan in four months but then you plan on paying the fours months plus late fees in full can they still repossess?
Of Course, they are going to get more money selling the car than that 4 months. Your word means nothing to them, you have to show up with the money and pay, or they are going to repossess. I had my car loan check stolen out of the mail, they were still going to possess even though all of the money in my bank account was gone, they even told me they were following me to take the car (lie) I had to wait until I got paid to pay them.
