If my car is repossesed, will I be required to make any more payments on it?

Question

My car is worth about 13,000 and I owe 15,000 on it.

Answer 1

If it's repossessed, you'll have a chance to buy it back, but if you don't, then it will go for sale at an auction. You will have to pay the difference.
Let's say you owe $100 on your car, and they auction it off for a dollar, you have to pay the remaining $99.
Hope this makes sense.

Answer 2

That's a tough one to answer without knowing how much you financed versus how much the auto is worth. For example, if you owe $20,000.00 on an auto loan and the car is worth $18,000.00, then as per the loan contract you signed when you purchased the car, you owe $2,000.00 plus any fees in which the Bank or finance company may wish to impose on your failure to pay the loan according to the terms. It is best never to turn in an auto to the bank or have a repocession. This can stay on your credit report for upto 7 years. Plus, some companies will not hire anyone who has a repossession/bad credit. Be careful, if you haven't had the car repocessed yet, call the company that you have the loan with, most would rather change the payment schedule or terms than repocess. Good Luck.

Answer 3

You wont have to make monthly payments any more.

They will sell the car at auction. Then subtract what they got for it and sue you for the difference, including finance charges, etc.

If you owe 15,000, they will sell it for 500 to 750. then they will add in the repo costs (and whatever else your loan permits them to) and sue you for it. You will end up with a judgment against you of more than the amount you owe now.

Maybe you can sell it quickly for the 13,000 its worth and just owe them about 2000? Don't know if that will work but look into that.

Answer 4

The best thing to do is call the bank and work something out. Honestly had the same problem. If you don't settle this now, your credit just hits the dirt. What they do is they sell the vehicle at an auction and what they don't get off the car when they sell it, they come after you for. so if they sell the car for $10,000.00 you still have to pay them another $5000.00 before they are going to leave you alone.
Another thing 7 years before you credit score goes back up is inaccurate it can take up to 10 years or more. Believe me you are better off paying the car off and doing it soon.

Answer 5

If your car is repossesed, you will owe all the court fees, plus whatever the balance is left on the loan after they sell the car. For example: If you owe 15000 and they only can sell the car for 12000 you will owe the balance of 3000 plus all of the legal fees involved with repossing it.

Answer 6

It goes on your credit as a repo. You can work it out with the bank to pay them back, or wait like 7 or so years before it goes off your credit. It'll be tough getting another car financed until it's taken care of.

Answer 7

yes, they will auction it off and if it sells for 500 dollars you can be sued (hauled into civil court) for the difference($14,500). apparently alot of people figure if you ain't got the car you are off the hook...WRONG! a judgement is bad....you can have your wages attached and even your irs refunds can be taken untill it is paid... just a note...I just paid off a car from state farm insurance that i owned and a friend wrecked in 1976. 23 years i heard nothing then bam .."before you can renew your license you must satisfy the judgement in another state"... there is no statute of limitations for a judgement placed against you... good luck

Answer 8

Yes

Answer 9

they're going to repossess your can and then that is economically unfeasible to recuperate it (they're going to tack vast prices for repossession, towing and storing the vehicle and they're going to favor you to pay them money). in the experience that your vehicle is repossessed, your desirable guess is to purchase yet another one and that is it. you will get a good vehicle for below $a million,000 in an public sale. locate out if there's a broking service who would take you to at least one for a flat cost (commonly $399 in California) and keep away from transferring into yet another shark mortgage (they're going to lend you to purchase yet another vehicle even after repo, notwithstanding the activity and prices and hidden prices will propose that that similar $a million,000 vehicle you would possibly want to've bought in money by your self will fee you as a lot as $7,000 with a great number of pressure and aggravation). an option determination, overlook automobiles, get a job that you'll get to by public transportation, bicycle or strolling. you'll no longer in straight forward words keep contained in the vehicle funds, yet to boot in insurance, gas, upkeep, taxes, etc....

Answer 10

they usually hold it for 30 days at a tow yard.then they auction it off and subtract what they get from what you owe and bill you for the difference.if they get more than you owe they cut you a check.