After your car is repossessed and sold, there’s a chance you still owe money to your lender. If the sale price on the car did not cover the remaining balance on your loan (plus all fees) you will owe what’s called a “deficiency balance.”
If you owe a deficiency balance, you may be able to set up a payment plan with the lender or offer the lender a lump sum settlement. Failing to pay, however, could result in a lawsuit from the lender or a debt collector.