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You get into really good physical shape from all the walking..... no. Seriously, what generally happens is your vehicle will go to the repossession company's storage facility (unless the bank has told them otherwise) and you have a certain amount of time to pay the bank up to get it back (I am not going to say how long you have because I don't know what state you are in. Most states give you 10 days but I don't know about where you are). If you fail to pay the bank up in that time, the vehicle gets remarketed. Be it by auction or private sale, again depends on your state. If the vehicle nets less than what you owed, it is called a deficiency and you are still liable for it. If it nets more than you owed, it is called a surplus and the bank owes you the difference. Again, it depends on your state. I would recommend you contact your state's attorney general's office to get the specific laws for your state.
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∙ 18y ago
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What happens if you get your car repossessed?
if i get my car repossessed, can they put a llien on the house?
When a car is repossessed what do you do with the insurance?
When a car has been repossessed the person paying the insurance should cancel it.
What do you do once your car has been repossessed?
I have a welding machine on the truck they repossessed can they keep that?
How soon can you buy a car after a car has been repossessed?
You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.
What happens to the tags on a car when it has been repossessed?
They take out the personal belongings. This includes the tags. Check with the repo company or lender for that stuff back.
In Utah can your wages be garnished for a car that was repossessed?
You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
What happens to your credit after a car is repossessed?
Normally your credit is ruined for 7 years.
Do you have to insure a car that has been repossessed?
No, since the car is no longer considered "your" property.
Can a cosigner have a car repossessed if the loan has been in arrears?
yes
What happens when your car is repossessed and they damage your car?
then you go and kick that person and repposses that car.... They call cops and you ignore those guys....
What has to happen before a creditor can have your care repossessed?
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
