End of Loan Term Options

[Anonymous]

What happens if at the end of the loan term the car is not paid off? Reason would be deferring payments, late fees, short payments as agreed, ect. Would the lender then repo the car? Thanks

[Anonymous]

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@Anonymous wrote:

What happens if at the end of the loan term the car is not paid off? Reason would be deferring payments, late fees, short payments as agreed, ect. Would the lender then repo the car? Thanks

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Yes if you have not the paid the loan in full for any money due then they can repo the vehicle.

[RonM21]

Agree. If it isn't paid in full, nothing good will come out of that.

[Anonymous]

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@Anonymous wrote:

What happens if at the end of the loan term the car is not paid off? Reason would be deferring payments, late fees, short payments as agreed, ect. Would the lender then repo the car? Thanks

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That would suck if vehicle get repo for a few late payments fees or deferred payments. Even at end of loan if vehicle isn't paid off u wouldn't get title to vehicle. Don't know if it's really worth it for a financial company to hold title for maybe 2000 or less

[grillandwinemaster]

Just keep making your regular payments past the original date set in the contract and you should be fine. If you stop, then you will get repo'd . 

[jim44]

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@grillandwinemaster wrote:

Just keep making your regular payments past the original date set in the contract and you should be fine. If you stop, then you will get repo'd . 

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Agreed,  the bank doesn't want the hassle or spend the money to repo the car.  There are also fees incurred to the lender to have to prep the car, take title, transport and have it represented at an auction unless they sell it outright. They have to carry insurance on the car plus there are auction fees involved as well. 

[Appleman]

And I would call them to let them know your plan to fully pay what you owe.

Hopefully that way you avoid any surprises like an empty driveway one morning.