2. You may be responsible for a deficiency balance. If the amount you owe on your car loan is more than the amount the car sells for at auction, you will be responsible for the difference. This is called a deficiency balance. You may be able to negotiate with your lender to settle the deficiency balance for less than the full amount, but you are not obligated to do so.
3. You may have to pay for storage and other fees. If your car is repossessed, it will be taken to a storage facility. You will be responsible for paying the storage fees, as well as any other fees associated with the repossession, such as towing and auction fees.
4. You may be able to get your car back. In some cases, you may be able to get your car back from the lender if you pay off the entire amount you owe on your loan, plus any associated fees. However, you may have to act quickly, as most lenders only hold cars for a short period of time after they have been repossessed.
5. You will need to find another way to get around. If you are unable to get your car back, you will need to find another way to get around. This may mean taking public transportation, biking, or walking.
