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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.
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∙ 14y ago
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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.
Will they repossess a wrecked car?
yes and you will have to pay the differince
Can a car dealership repossess your car if they say you owe them more money for a down payment?
A dealership can only repossess your car if you do not pay in accordance with the sale agreement. If you did not pay the agreed down payment, the car may be repossessed.
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.
Can the bank repossess your car after the loan matures and you still owe?
If you still owe on the car (whether matured or not), the bank can take it if you don't pay. It belongs to them until the loan is paid and the title is sent to you.
Can a lender repossess a car if you do not pay down payment?
Yes, you made a financial pbligation by signing the documents for the sale of this car. So, they can legally repossess that vehicle.
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.
If you are threatened with a repossession can you pay the balance before they repossess the car?
IF the lender accepts it you can.
What happens if you don't pay your car loan?
The repossess the car, can get a judgment against you and your credit is badly damaged.
Can creditors force you to sell your car if they have a lien on it?
No, they cannot. But if you borrowed money to buy the car, they can repossess it if you do not square things up. If they take it, they can sell it for you, and you will still owe the difference between what it sold for and what you had left to pay on it.
If you default on your auto loan will you still owe money?
Yes. Not being able to pay a loan doesn't absolve you from it. They may repossess the car if the situation calls for it, but you'll still own any back payments.
How many days do you have to be behind in your payments in New York before they can repo your car?
As soon as you have defaulted on the loan, a creditor can repossess your car. So 24 hours after you have failed to pay, they can repossess your vehicle without notifying you.
