The lilelihood is very good, almost certain, you will have a balance due after the sale. The only way they could get the full amount due is IF you had made a HUGE downpayment. You will have a repo and a judgment on your CR IF you don't pay any deficiency balance.
no, they will sue you for the balance owed after the sale
It may depend on how long they have tried to sell it for. They may or may not be able to. I suggest you contact a lawyer in this field and ask it should be free for this.
If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction. Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.
yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.
The outstanding balance is very simply the amount of debt that you have charged on the credit card. You owe that amount to the credit card company.
no, they will sue you for the balance owed after the sale
Instead of having it forcibly repossessed, you call your finance company and tell them you're voluntarily having it repossessed. They may send a tow service to collect it, or they may ask you to take it to the repossessor. It'll be repossessed, auctioned off, and the amount they get from the auction will be deducted from the amount you owe. The finance company may offer a settlement at that point for an amount less than what you owe on that vehicle - that's up to the finance company.
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.
It may depend on how long they have tried to sell it for. They may or may not be able to. I suggest you contact a lawyer in this field and ask it should be free for this.
No. A car is repossessed because you failed to finish paying for it. Since you never fully paid for it, it's not yours. No. You do not own the car once it has been repossessed. To sell the car you would need the title, which is in the hands of the finance company. After a repossession, usually 30 days later the finance company places the car in an auto auction. There it is sold to the highest bidder. In the rare case that the net proceeds from the sale exceed what you owe for the car (plus interest, penalties, repo fee, etc.) the finance company has to send you a check. If you can redeem the car by paying the full past due amount plus interest before they place it in the auction sale, then you can sell the car.
Then the car was never yours - it 'belonged' to the finance company until you have paid the full amount. When a person buys something they pay the seller the purchase price - you didn't pay that money, the finance company did, so they were the buyer and you were using it with their permission until you paid the price to them. The finance company will benefit from any transactions concerning it.
When a vehicle is repossessed, it will eventually be sold at auction. Occassionally, the amount received from the sale is greater than the balance owed. On these occassions, the excess is sent to the debtor.
If they take the money then yes however they have the right to refuse the payment since you are in violation of the loan agreement.
If the sale price he gets for it doesn't wipe out the amount owed, yes, he can attempt to get the balance from you.
When the car is repossessed.... you have a certain number of days to redeem your car. If you don't redeem the car, you will have 30 days in which to get your personal items from the company BUT the car will be auctioned off... for a lower amount than what is usually due ...this will leave balance that is called a deficit balance. The company will then add all expenses to this balance and then take legal action. (Expenses added--- tow truck, car lot fees-daily) to store the car, cleaning up the car, new plates if needed, and insurance) If you don't take the steps now to keep this car, you can get garnished and ruin your credit for a very long time.
if you are an individual simply storing it in your garage, good luck. However, if a business, such as an auto repair shop has the item, the company will likely nweed to pay them the storage fee and tack the amount onto the repo charges