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If your car is reposessed are you liable for the rest of the balance?
Wiki User
∙ 15y ago
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.
Wiki User
∙ 12y ago
Wiki User
∙ 15y agoYes. 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.
Wiki User
∙ 16y agoNothing. 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.
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If my balance is paid can my car be reposessed?
no if it is paid it is yours unless, there is a lien on it
Do you have to pay for the car loan if it is reposessed?
yes they will aucaution it off for pennys on the dollar and then they will sue you for the rest or garnish your wages
Should you buy reposessed car?
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).
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
What do you need to do after your car is reposessed?
get a new car and get a life
Can your car be reposessed if you are in hospital?
Yes
Can a car be reposessed if the loan taken out on the car is much less than what the car is worth eg i have 7200 for a car and i only need about 2000 so if i default can my car be reposessed?
Yes.
What happens if a car is repossessed?
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.
Can you get in trouble for taking a car out of state that is supposed to be reposessed?
no
Can a car be reposessed after judgment?
Whether or not a car can be repossessed after a judgment depends on the judgment.
What will happen if you dont give up your reposessed car?
They will come and take it.
How do you get a car loan to pay for your reposessed car?
Go to the individual banks, and credit unions, and talk to them.
