meaning if i owe 17,000 in 10,000 for the car and 7,000 for the interest, do i pay off the 17,000 or the priciple amount minus whatever they get at auction for the car?
2007-04-05 12:06:56 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
No.... you're not responsible for future interest once the vehicle is repossessed. The vehicle will be auctioned off and you will owe the difference between the selling price and the principle balance (w/o interest).
2007-04-05 13:23:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Depends on the terms of the contract you signed. If the car was repo'd, then that means it was in the works a long time ago. Yes they can repo your car if your payment was late, that's why you always call the finance company and communicate with them about your situation. You need to pay the repo fees plus towing and storage fees to the repo company. The bank doesn't have to let you have the car back because you paid them what you owed them. Good luck to you!
2016-03-31 23:43:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If the loan was for 17,000, then you owe 17,000. If the loan was for 10,000 but you calculated that over the life of the loan you'd pay 7000 in interest, then no, you don't owe the 7000. You only owe what you took out for the loan, or the remainder there of (i.e.-the principal). The remainder of the principal will be whatever is left after the car is sold following the repo.
2007-04-05 12:14:00 · answer #3 · answered by ncolton22 2 · 0⤊ 0⤋
Typically the loan would be re-amortized (new payments and interest fee schedule) based on the CURRENT principal due minus what it sells for at auction, but it depends on the terms of your loan. Either way you're gonna get hosed for a lot of money with nothing to show for it.
2007-04-05 12:10:54 · answer #4 · answered by y2bmj 4 · 0⤊ 0⤋
My aunts car got repod and what they did was auction the vehicle off...she owed $7k on the explorer...they auctioned it off for $4k she got her wages garnished until the $3k was paid off
2007-04-05 12:20:50 · answer #5 · answered by firebirdnate@sbcglobal.net 1 · 0⤊ 0⤋
You will also pay for the cost of the repo itself. Not a good position to be in. Sorry
2007-04-05 12:12:27 · answer #6 · answered by Fordman 7 · 0⤊ 0⤋
sorry, but yes. You will have to pay the principal and any accumulated interest.
2007-04-05 12:11:54 · answer #7 · answered by 2Cute2B4Got 7 · 0⤊ 0⤋