2007-03-07 07:32:09 · 9 answers · asked by JImm1317 1 in Cars & Transportation ➔ Buying & Selling
Yes you are as well as all charges incurred regaining and disposing of the car. What you had was a loan with the car as collateral. Once you stopped paying, they repossessed the collateral; but that does not mean the loan is paid out until the car is sold and the account paid off. If there is anything left, of course, you will receive it from a reputable company
2007-03-07 07:35:43 · answer #1 · answered by wizjp 7 · 2⤊ 0⤋
If payment has not been made for 90 or so days the car can be repo'd, the credit union or bank then charges off the balance of the loan, you loose whatever you paid onto the car and the bank keeps the title. The repossession then shows up on your credit report as well as the charge off for 7 years. Because this is on your credit report it can be VERY difficult to obtain another loan for a while. After the car is repo'd, you then have to pay possible court costs, repo fees and any other possible charge off fees.
2007-03-10 12:16:45 · answer #2 · answered by Eric B 1 · 0⤊ 0⤋
You are responsible for the balance minus what they sell the car for plus expenses they had to repo the car and court costs. If they repo your car, or they are getting ready to, try and sell the car on your own for what you owe.
I almost got a 63' Corvette show car for 20K. It was already repoed but they had to hold the car for 30 days. On the last day the guy came in with a friend and his friend paid off the car and fees and bought it from the original owner. Bummed me out.
2007-03-07 07:43:51 · answer #3 · answered by Fordman 7 · 0⤊ 0⤋
the unhappy fact is that when you signed the mortgage, you gave the economic institution permission to repossess your motor vehicle at any factor that money fall in the back of. what is going to in all probability ensue at this factor is that the motor vehicle would be offered at auction, and the beneficial distinction between what you owe and what they get for the sale, will nevertheless be due. they'll in all probability be conscious your value to that quantity and you will nevertheless owe them additional funds. the only element you're able to do approximately it may be to bypass to court docket, which you in all probability won't have the ability to have the money for to do. Very unhappy situation on condition that your credit is noticeably lots wrecked besides.
2016-12-18 07:49:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Once your car is repossessed, it goes to auction. If it sales at auction for more than what you owed (plus fees) than you are in a surplus and will receive a check for the difference. If it is sold at auction for less than what you owed (plus fees) than there is a deficit and you are liable for the difference.
2007-03-07 07:39:19 · answer #5 · answered by JayJay 3 · 0⤊ 0⤋
Absolutely. You signed the note, you owe the money, including any costs incurred in the repo and sale. You will also still be charged interest and late fees.
2007-03-07 07:41:49 · answer #6 · answered by J.R. 6 · 0⤊ 0⤋
I would think that the car would be repo'd by whatever finance company holds the title to the car. If they have the car, which is what you were paying them for, then they wouldn't have anything further to charge you for.
2007-03-07 07:36:02 · answer #7 · answered by badkitty1969 7 · 0⤊ 4⤋
Yes.
2007-03-07 07:37:55 · answer #8 · answered by dominicandyme22 2 · 1⤊ 0⤋
Push it off a cliff and you won't be liable.
2007-03-07 07:49:30 · answer #9 · answered by Anonymous · 0⤊ 2⤋