Once the vehicle is auctioned off and sold there is usually a remaining balance left to pay. You will start receiving collection notices about the remaining balance. This is when you will want to prepare yourself to negotiate a settlement.
Yes. What usually happens is the vehicle is reposessed and then re-sold. When it is resold, any difference that there is between what they sell it for and what you owed is still owed by you. There may also be recovery fees attached for them having to retrieve the vehicle.
Nothing. The company you held the loan with had taken your property (car) due to your failure to pay them. Your credit is now trashed, but I don't think you will owe anybody major fees.
no if it is paid it is yours unless, there is a lien on it
yes they will aucaution it off for pennys on the dollar and then they will sue you for the rest or garnish your wages
I would avoid purchasing a reposessed car because in some cases, cars that are reposessed are trashed. I had a friend who looked at a car that was a repossession and there were things missing from the car (radio with CD player). I would avoid purchasing a reposessed car because in some cases, cars that are reposessed are trashed. I had a friend who looked at a car that was a repossession and there were things missing from the car (radio with CD player).
You will also be liable for any deficiency balance
get a new car and get a life
Yes
Yes.
Unless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.
no
Whether or not a car can be repossessed after a judgment depends on the judgment.
They will come and take it.
Go to the individual banks, and credit unions, and talk to them.