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Do I still owe money after a repo?
"Will I still have to pay my car loan if my car is repossessed? I can't pay for my car loan any more and the bank has started repossession proceedings."
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You might owe money, but it depends on a few factors.
Once your car gets repossessed, the lender will sell the vehicle at auction. Whatever money they get from this auction is then applied to your loan.
If the auction price pays off your loan, you won’t owe anything. If it doesn’t, you’re still on the hook for the remaining balance of the loan.”
View full answer
- Gregory R.
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