Do you still owe the money for the car if they have repossessed your car?

You would owe any payments not made up until the day the car was taken. So, if you hadn't paid for two months and they took you car, you would owe those two months.

The borrower would owe all back payments and penalties plus any difference in the amount of the loan and the amount for which the vehicle is sold.

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You have to take into consideration that the lender might not be able to sell the car and get enough from the sale to pay off your loan. So if there is a discrepancy between what you owe and what they sold the car for then you owe the balance.

When a car has been repossessed, the purchaser is liable for any balance that remains on the car if it is sold by the lender. The balance that the lender is looking to collect will include the fees charged to them by the repossession company, storage com, and the selling agency if they do not sell the vehicle themselves. Additionally, interest will continue to accumulate on the balance until the car is sold or the original owner re-assumes it.

If the car is sold for enough money to cover the balance then the original purchaser will not have to pay any past due payments. If the car sells for less than the balance due, the original purchaser will be liable for the balance and interest will continue to accrue on this.