Do you have to pay after repossion?

In most cases, yes, you will have to pay after repossession. The lender or creditor who repossessed your property will likely seek to recover the outstanding debt that led to the repossession. This may include the remaining balance on the loan, as well as any associated fees and costs, such as repossession fees, storage fees, and legal fees.

It is important to understand the terms and conditions of your loan or credit agreement to determine your obligations in the event of repossession. Some agreements may allow you to redeem the repossessed property by paying the outstanding debt in full, plus any applicable fees and costs, within a specified period of time. If you are unable to redeem the property, the lender or creditor may sell it to satisfy the debt. Any proceeds from the sale that exceed the outstanding debt will typically be returned to you.

If you are facing repossession, it is advisable to seek legal advice to understand your rights and options. You may have certain legal protections and remedies available to you, depending on the laws and regulations in your jurisdiction.