Sell it for what you owe if it is possible. Pay off the loan, get the title and sign it over to the new buyer. If you cannot get what you owe, then get as much as you can. Get a personal loan from the bank to pay of the remaining balance. The personal loan is better than the amount you owe on the car.
You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.
The repossession stays on your credit report for 7 years.
Yes. They can! The car is their equity basically!
yes you can
You should be able to get a car loan with a qualified cosigner. Even with a repossession on your credit you should be able to finance a car loan.
Pay it off, voluntary repossession, sell the car and pay it off.
If your car was repossessed, they will sue you for the difference in what the car sells for and the balance on the loan, plus repossession fees.
No. A car loan is a civil as opposed to a criminal matter. Being behind on a debt is not a criminal matter, therefore you cannot be arrested for it. Never the less, if you are behind on a car loan and if the loan is secured by a lien on the car, you may be arrested if you interfere with the loan company's attempts to repossess the car, provided that state you are in has laws that make it a crime to interfere with a repossession. But even in this instance, you are not subject to arrest for being behind on the loan, you are subject to arrest for interfering with the repossession.
Yes, you owe the difference of the amount of the loan and what the vehicle was sold for plus any costs of the repossession. You are expected to pay that amount.
as soon as they can find it
Car loan modification is one such option to avoid repossession of your car. So what happens here.... the service provider(loan modifier) studies your loan history and they directly deal with the lender and they modify your car loan .... meaning they help you in Reducing payments and keep your car, boat, SUV or truck.
It would depend on the contract you signed when you purchased the car.