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Submitted 251 days ago...

Maillot785

New User (1)

When a car is repossessed are you required to pay the full balance owed on the car or just the payments missed that will catch up the payments?

I know someone who missed 2mths worth of payments due to falling on hard times and their car was repossessed today. His bank is requiring that he pay the full 10,000 that he owes instead of the 1500.00 worth of payments for the months missed. Is this a standard practice or does it vary from bank to bank?

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Answer 1 / 1

Submitted 250 days ago...

Rick_

Expert (677)

It 's more or less up to the bank how they handle it and the contract they signed at purchase, even thought they repo the car , and will turn around and sell it they are still liable for the difference owed and the selling price, like if they sell his car for 5,000 and he owes 10,000
he is still going to have to pay 5,000 on a car he dont have
sorrry i know you didn't want to hear that but thats the way it works

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