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Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference and will have to pay it.
Wiki User
∙ 12y ago
Wiki User
∙ 13y agoIf you don't pay the balance of the loan after repossession, the lender can take you to court for the remaining balance or they can charge it off. Neither is a good thing, so it is best to pay the remaining balance as soon as possible.
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Most vehicles that have been repossessed are sold at auction. When this occurs, you are responsible for any balance that remains less the monies collected from the sale. If a balance remains and you fail to pay it then the creditor or lending agency can sue for the balance due plus legal fees.
Wiki User
∙ 17y agoYes. If there is a difference between the value of the vehicle and the balance still owed on the loan, plus applicable fees and interest, it must be paid by the borrower. However, the actual value of the vehicle may not be the amount that it is sold for even though the lender/seller is legally required to make a reasonable attempt to get the market value.
Wiki User
∙ 15y agoGenerally speaking, yes. It probably varies a little from state to state, but usually, the finance company repos the car then sells it at an auction and deducts the amount from the sale from the amount you owe. Then, at some point, they will sue you for the remaining balance.
Wiki User
∙ 13y agoIt depends on which state you live in really. I lived in Louisiana and my car was in my mothers name she decided not to pay and it was repossessed well 11 years later they contacted me again and requested the money for the car. But that was in 1994.
Wiki User
∙ 19y agoPossible?? YES. IF your loan is CROSS-COLLATERALIZED with another loan, YES. IF you owe repair bills on the car, the repair shop can repo it if you dont pay.
Wiki User
∙ 8y agoIn MOST cases, YES.
PS. Its not the "value claimed", its the diiference between what you owe and what the lender sells it for.
Wiki User
∙ 16y agoYes. lenders have the right to collect there money. The only way you can get around this is to file for bankrupcie.
Wiki User
∙ 18y agoYes
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Can your car get repossessed after bankruptcy?
not if you still owe money on it
Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
You owe money on a repossessed car but the car was refinanced to someone else do you still owe?
I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.
Can your car be reposessed after six years?
If you still owe money, it may be repossessed at any time.
Can you still owe money after your car is repossessed and you are bankrupt?
You still owe the balance after the insurance money is paid, if there is a balance. You can only get rid of it, along with your other unsecured debts, by filing bankruptcy.
Can you still owe money on a car that was repossessed and resold to another buyer?
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
Can you buy another car even though is repossessed?
If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.
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.
Can they repossessed the car if you just owe the last payment?
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
Can a car be repossessed when 1 payment is left?
As long as you owe them money they can take it.
Can the lender collect the rest of the money you owe on a car that they repossessed?
In most cases, YES
If the lender has written the car off and not repossessed it do you owe them money?
YES Yes, you owe them money or yes they owe me the title if it has been written off? Thanks for your help.
