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The lender will expect you to pay the deficiency which is the difference between the amount owed on the loan and the amount they get for selling the car.

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17y ago

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Where is the best place to get a loan for a vehicle?

The best place to get a loan for a vehicle is a bank or similar financial institution.


After a car loan has been charged off as a bad debt can the repo man still recover it?

Yes, the repo man can still recover the vehicle. The term charge off only describes the status of your account with a financial institution. It doesn't resolve that actual lien that the financial institution has on the vehicle. In other words, your name is on the title but financial institution is the owner/lienholder of the vehicle until the balance on the account has been paid off.


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How is credit affected by returning a vehicle?

Can you please specify what you mean by returning a vehicle? Are we talking about returning a vehicle within the specified time by the dealer because you are not satisfied or are we talking about returning a vehicle that has been repoed?


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Bought a car with a bill of sale for parts only and was not going to register it now plan on registering it for the road what if there is a lien against the car from a financial institution?

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You will need to work with the financial institution to work out a settlement where you retain the vehicle and become current on your payments. Each loan institution is going to be different but the only way is calling until you get to the correct employee.


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