this happend to a friend of mine. His car was impounded and by the time the cops released it he had lost his job and the tow costs plus storage fees were through the roof! SO push comes to shove he never pays for it...and still hasn't till this day. What most likely will happen to the car and the loan he had against it?
2007-01-09 03:22:31 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Other - Cars & Transportation
the car sits in the police lot and accrues fees. this happens until the cops file a lien on it and assume ownership and then auction it off. all this while the loan on the car is still active, which means you still make the payments on the loan, even tho you dont have the car.
2007-01-09 03:31:05 · answer #1 · answered by bela k 4 · 0⤊ 0⤋
the loan company will repo it and sell it he will then be taken to court and have to pay for the loan plus the towing and storage fees.. or police will do a police auction and he still owes the loan company the cost of the loan and any damages court fess to recover there loss
2007-01-09 03:32:58 · answer #2 · answered by hackstudio 4 · 0⤊ 0⤋
The fees keep adding up.
After a while, you can "surrender" the car, where it will be sold at auction. You cannot buy your car back at auction. Your friend could buy it, then sell it back to you...
He migh be able to refinance the loan and get another car. (UNLIKELY)
2007-01-09 03:31:07 · answer #3 · answered by Mazz 5 · 0⤊ 0⤋
he will owe for the loan.
the impound company sells the car to pay for the impound fees.
my son & step-daughter have been through this.
2007-01-09 03:30:16 · answer #4 · answered by Sufi 7 · 1⤊ 0⤋
IMPOUND WILL SELL THE CAR TO RECOVER THE TOWING AND STORAGE
2007-01-13 01:33:11 · answer #5 · answered by blackbutton100 4 · 0⤊ 0⤋
the police auction off the car
2007-01-09 03:31:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋
it goes to action to pay so the gov can get money from it
2007-01-09 03:32:01 · answer #7 · answered by dannan_w 1 · 0⤊ 0⤋