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Are you still liable to pay if the vehicle is repossessed?

In most cases, yes. When you default on a car loan, the lender has the right to repossess the vehicle. However, even after repossession, you may still be liable for the remaining balance on the loan. This is because the sale of the repossessed vehicle may not be enough to cover the full amount of the debt. If there is a deficiency balance, the lender can pursue legal action to collect it from you. The exact laws regarding post-repossession liability vary from state to state. In some states, lenders are required to provide you with a notice of the sale of the repossessed vehicle and an opportunity to redeem it before it is sold. In other states, lenders may be able to sell the vehicle without providing you with any notice. It's important to be aware of the laws in your state so that you can understand your rights and responsibilities if your vehicle is repossessed. If you have any questions about your post-repossession liability, you should speak to an attorney.
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