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Are you responsible for the unpaid car loan after your car has been repossessed?
Wiki User
∙ 18y ago
No. Once your car has been taken away, that is the payment. The bank will have to resell the car and get what they can out of it. It depends on the state. Some (like mine) do not require the remaining balance after a resell. But your credit does get ruined for 7 years. The above answer is incorrect. Once they repossess your car, they will sell it. You are responsible for the difference in what the car sells for and the balance on the loan. You may also be responsible for the repo fees, depending on the state you live in. You credit will also be ruined for 7 years.
Wiki User
∙ 18y ago
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Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
How does a home get repossessed?
A home can get repossessed in many ways, the most common reason is that they owner of the house has not payed the bank the loan that they took out so as to by the house, or that the person hasn't pay many bills so they take the equivalent of the unpaid bills.
Can you sue for an unpaid loan after 4years?
Definitely, you can sue for unpaid loan. Please ensure that you have documents that support you loan and the receiver of loan.
If your car is repossessed are you responsible for the balance after they sell your car in Illinois?
You are unless it's a TITLE LOAN, they usually write it off.
If you are divorced and both you and your ex-wife are responsible for your own cars but you lost your job and your car got repossessed is she responsible if both names are on the loan?
Yes unless responsibilty for certain debt is clearly stated in your divorce papers. If her name is on the loan as co-signor then yes she would be responsible.
Is a co-buyer responsible for paying off a loan if the buyer has no job and the vehicle was repossessed?
Yes, he or she would be equally responsible for the repayment of the loan balance.
If a car is repossessed will the co-signer be left with bad credit?
Yes he/she is just as responsible for the loan as the signor of the loan.
Can a creditor sue you if they have already repossessed the vehicles used to secure the loan?
Yes, they can sue you in the event that the vehicles are not in good enough condition to be equal to the value of the unpaid loan.
Who is responsible when your car is being repossessed in Pennsylvania?
The owner of the car (person(s)) who took the loan on the car are responsible
Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
What is intent to sale on a vehicle?
Depending on the context, someone is saying that they intend to sell. If a vehicle has been repossessed, for example, the lender can notify of an intent to sell, to recoup losses on the unpaid part of the loan.
If a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?
Yes. If you signed the loan, you are still legally responsible for it.
Can a car be repossessed if the owner dies before the first payment is due?
The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.
Can a cosigner have a car repossessed if the loan has been in arrears?
yes
How do you register a car that has an unpaid title loan but that owner never paid it?
The only way to register a car that has an unpaid title loan but that owner never paid it is to pay off the loan. The person who got the loan is responsible for paying it, but it can be hard to force the issue once the car has been sold. You may need to take them to court to force them to pay the loan or to give you your money back.
Where do you stand if repossessed truck is sold for less then the loan?
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
You have one day before your car is repossessed is there any payment options?
Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no
