If my car is repo'd, do i have to pay the the interest owed also or the principle amount?

Question:
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?

Answers:

Car finance with bad credit?

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).

---

Would a 2002 Lancer ES cost too much for a beginner driver?

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.

---

What state in the United state should I go to, to buy a luxury car (Rangrover or a Benz)at a cheap price?

sorry, but yes. You will have to pay the principal and any accumulated interest.

---

If I purchase a BMW in Germany, how do I avoid paying state sales tax when I move back to the states?

You will also pay for the cost of the repo itself. Not a good position to be in. Sorry

---

What's the best ideal 1st car?

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.

---

What kind of SUV should I get?

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

---

More Questions & Answers ...

I want to buy a newer truck but my trade in is up side down What should i do?

I have a 1990 ford thunderird sc supercharged with a salvage title for sale?

Just bought a car in August and HATE it! Help!?

If a car has more left on the loan balance then it is worth, what options are there to get out of it /sell it?

Hyundai cars good/bad?

I would like to buy an economical car. WagonR duo (or) a 2nd hand Santro xing with CNG? budget 3.5lakhs?

Are Daewoo still making new cars?

What is the world's most rarest,most expensive,and most saught out after car?

Is this ok or another car dealer issue?

Honda Civic LX Sedan automatic or Toyota Corolla CE?

This article contents is post by this website user, CarQnA.com doesn't promise its accuracy.