do i still have to pay for foreclosed car loan
2007-03-25 01:18:09 · 4 answers · asked by lu_consulting1993 1 in Business & Finance ➔ Credit
If your car is repossessed, the cost of repossessing and selling the car is deducted from the sale price before the proceeds are applied to the loan. You still owe the difference between the loan balance and the proceeds from sale. If the car has not yet been repossessed, try to arrange a private sale for whatever you can get. You will sell the car for more than the repo auction and the current loan company would rather have and unsecured loan for the smaller amount you would still owe.
2007-03-25 03:30:47 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
1
2016-09-26 19:02:13 · answer #2 · answered by Jeannie 3 · 0⤊ 0⤋
Yes. If your finance company repossessed your vehicle, they will sell it. They will add on charges for the transfer and sale of the vehicle. If there is money still owed on the loan, you are still liable.
2007-03-25 01:24:11 · answer #3 · answered by regerugged 7 · 1⤊ 0⤋
yep, still on the hook for whatever balance they dont recover by the sale, plus fees etc.
2007-03-25 01:21:56 · answer #4 · answered by David B 6 · 0⤊ 0⤋