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My1st reaction is this shouldnot happen. A car is a valuable for personal reasons and one should always pay ones instalments in time. But if that hapens due to financial constraints pay up as fast as possible. It is better not to go into an expensive legal battle with an all powerful corporate body. It is advisable to settle out of coart.
Once you sign a loan contract, you are obligated to pay the entire amount owed on your car. Repossession doesn't negate that contract. If you can't afford the car and the bank repossesses it, you still owe the balance of the loan. Typically, the bank sells the car at auction if you can't afford to pay the past-due balance. You are obligated to pay the loan company the difference between what you owe and what the car sells for.
Reinstatement
This reinstatement of the loan typically works late payments into the new amount owed, although some companies might require an upfront payment of the past-due amount plus late fees to move forward with a modification.
Bankruptcy
Filing bankruptcy after a repossession can help you get your car back. However, you still must pay the remaining loan amount plus past-due payments in most cases. You must file quickly after a repossession; if the bank sells your car before you file bankruptcy, there's no way to get it back.
