Services
Insurance
Loans
Repairs
Advice
About

Do I still owe money after a repo?

"Will I still have to pay my car loan if my car is repossessed? I can't pay for my car loan any more and the bank has started repossession proceedings."

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You might owe money, but it depends on a few factors.
Once your car gets repossessed, the lender will sell the vehicle at auction. Whatever money they get from this auction is then applied to your loan.
If the auction price pays off your loan, you won’t owe anything. If it doesn’t, you’re still on the hook for the remaining balance of the loan.”
View full answer 
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

Join 4M+ members in lowering their car insurance

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies
Find insurance savings