Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.
if i get my car repossessed, can they put a llien on the house?
Normally your credit is ruined for 7 years.
You will also be liable for any deficiency balance
then you go and kick that person and repposses that car.... They call cops and you ignore those guys....
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.
Make the idea known to the lender BEFORE you proceed. get it claer what is to happen.
Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.
The car will most likely be repossessed unless you make up the missing payments and penalties.
No, but your car can be repossessed if you don't make the payments.
The car gets taken to the impound lot, and you have to file paperwork and pay a certain amount of money to get your car back.
Yes. For any amounts not recovered insluding repo costs.
No.