Can a bank make you pay for the remaining balance on an auto loan even after the vehicle has been repossessed?

I am certainly no lawyer or expert on this so my answer is more of a guess.

You took a loan on the car, say $15,000. You've paid $3,000. You stop making payments and the car is repo'd. They sell the car for $7,000. I believe you are responsible for the amount still owed on the loan, in this case $5,000. You may also be responsible for any court costs and repo fees.

This is just a guess.

The best answer, is this...Each State has their own
Laws regarding/Repo's, The best thing to do is this, Contact the lien holder, let them know of the situation. Then try to negociate something like reducing the amt owned, lower the interest of the loan
Set-Up a payment plan (Temporarily until you get back on your feet). In today's world talk to the right person, you'll get what you want! The bank just want's too make some money. It's a loss for them to pay for your car repo so remember avoid a repo, negoiate a better deal for them and you. Because of the bad ecomony I believe you can work something ou with them.

It depends on your contract. However, there is another side to this. If you have lost your vehicle and you have nothing else really to your name, you are basically judgment proof.

If you change apartments and leave no forwarding address and change your place of employment you will basically disappear for them. Unless you owe a lot of money, no one will come looking for you.

yes and if you do not set up a small monthly payment schedule, a collection agency will come after you for the same.

yes and if you do not set up a small monthly payment schedule, a collection agency will come after you for the same.

AFTER repossessing!!??
Gangsters and Banksters; there ought to be a law....I sure hope you recieve a more useful answer then this one....