If your car is repossessed, you will need to pay the outstanding balance on your loan, as well as any fees and costs associated with the repossession. You may also be required to pay for the storage of your car if it is not immediately sold at auction.
To avoid having your car repossessed, it is important to make your loan payments on time and to comply with all of the terms of your loan agreement. If you are having difficulty making your payments, you should contact your finance company immediately to discuss your options.
