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Are you assessed repo fees if you paid the car loan balance before the vehicle was repossessed?
I have a car loan, but I lost my job and couldn't pay for two months. But an inheritance from my grandpa was finally settled in court, so I had the money to pay the balance of the loan. Since there was a repo order out on my car but they never repossessed it, do I still have to pay the repo fees?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Repo companies can usually only charge their fee if they come into possession of the vehicle.
Since they never actually took the car, they didn’t provide a service to the lender. And now that you’ve paid in full, there’s no reason to repossess the car.
As a result, you will not have to pay the repo fee.
However, you still have one expense left:
car insurance
. Depending on your current financial situation, you should definitely weigh whether to maintain full coverage or switch to liability only. View full answer
- Gregory R.
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