Repossessed car issues!!?

If a car is repossessed and you decide to let them sell at auction, am I liable for making any more payments? I reside in the say of Texas.

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Answer:
You are responsible for the balance left on the loan after the auction sale is applied. Some creditors will write it off/charge it off, but they’ll insist on payment and will try to collect it through whatever means, before they take that step, years could pass before they do that, and, it looks just as bad on your credit report.

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Answer:
ab-so-lutely

The automobile is sold at auction. The selling price is deducted from whatever you owe on the contract. You are still responsible for the shortfall, plus repo fees, tow fees, auction fees, storage, and anything else they have the ability to think of.

Plus, the repo will be on your credit for seven years AFTER its paid off. If you can avoid a repo, do so at all costs. It will screw you for many years to come.

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Answer:
Yes, you’re legally responsible for the entire amount of your loan contract. The finance company can, at their discretion, sell the vehicle at auction and then sue you for the difference. They can garnish your wages, and file a judgment so that if you buy or sell any real estate they get paid first. Your best bet is to try to work out a repayment schedule with your creditor.

good luck

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Answer:
i think it depends on what they sell the vehicle for if it is less than what is owed then you’re responsible for the difference

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Answer:
If they don't recover the full amount you owe, yes, you probably will be.

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