if your car gets repoed do you still have to pay for it?

Answer 1

Kris is absolutely right... oh, and add the attorney fees for all the legal work done by the finance company, you are responsible for that as well !!

Answer 2

yep, you have certain period of time to make good on it, by paying the past due amount, they will send you a letter or call you. IF you dont pay it, then they auction it. And my friend, very seldom will the auction price take care of your debt, primarily becasue of late fees, repo fees, attorney fees, towing and storage fees. Oh yes, if you dont pay it, the crditor starts by putting a negative collection hit on your credit report, then if you dont pay it, they take you to court and if you dont show up or you dont pay it that day, the court puts a judgment on your credit report. By the way, the creditor wont remove the first hit on your credit report because they dont need to legally because the information is verifiable, so now you have 1 collection and one judgment on your report, your credit score is in critical condition and you cant even get financed for Sears. If you decide to get it cleaned up, you pay the judgment first ( cuz 10 years for it to cycle off is long time) then you have to deal with the collection hit. Now because the creditpor is silltrying to collect you may have 3 or 4 more collections from different companies for the same car. In a nutshell, good luck convincing them that you have paid the debt. Been all through there, done all of this. NEVER letting that crap happen again. Good luck

Answer 3

You owe the balance of loan. If the car is repo'd and doesn't sell for as much as you owe at auction (and it won't), you will owe the difference as well as the repo and auction fees. It just doesn't go away, if that's what you're thinking. The bad thing is, you still have to pay them money, but now you have no car to drive and you've made it a lot more difficult to buy another one in the future.

Answer 4

IF after it is repoed and auctioned, there is still a balance due, you MAY be liable to make up any difference. This scenario is rare, since most aution houses know in advance how much the balance is due on the vehicle and try not to sell it for less than that amount. Good luck!

Answer 5

Hell, Yeah!! What the finance company does is auction it off. Whatever difference from the selling price and the amount owed is left, they will place a lein or chattel against you to reclaim the balance.

Before you pay ANY money, ask, in writing, for the record of sale! If they refuse your request, get a lawyer! They MUST provide you with ALL records pertaining to the vehicle, if asked.
Your lawyer will tell them to pound salt, if they refuse to disclose the sale amount, and how they arrived at the remaining balance owing!

But...to answer your question...you can be held liable for ALL monies and fees owing!!

SORRY!!!

Answer 6

Yes, depending on the laws in your state. It is certainly possible that you could owe the balance between the debt and the repo sold price.

Answer 7

Sure. You still have that debt. It will show on your credit report that not only did they repo your car but you never paid them.

However, even if you do pay it will still f-up your credit. Either way, it'll be off your report in 7 years!!

Answer 8

If its buy here pay here probably not depending on the car lot.Not enough info.

Answer 9

Of course! You still have an HP agreement against it

Answer 10

yep right after they sue you for it and now you will have a hard time getting another one without paying cash is a big screwup on your part