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Absolutely, and in most cases it will be!
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∙ 11y ago
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Can a dealer collect on repo unpaid balance?
Yes - if the car loan was with the dealer, the dealer can sue the debtor for the balance of the car loan after the car is sold to someone else.
In North Carolina can they sue or put a lien on your business for the remaining balance of a car repo?
YES, a lender can get a judgment for the balance owing on a loan after repo.
What happens when they repo a car and loan is still owed and they put car up for auction Who is responsible for the balance of the car loan?
I'm not sure if this is valid in every state, but I believe that if the car is sold at an auction, you will still be liable for the left over balance. If the car is sold at an auction and the sell price covers the balance of the loan then, I don't think you will need to pay anything else. Maybe some fees for the repo. I "think" this is how it works
If the repo man is looking for your car is there a way to buy the car from the lien holder for a big discount if it has already been charged off?
This is a great question to ask the LENDER. "Charged off" simply means they have taken a loss for the income they didnt make on the loan. They can still get a judgment for the entire balance due.
If you found your repo'd car in a mall handicapped parking space and reclaimed it as well as making good on the loan can you legitimately be charged a repo fee 2 years later?
Well now, you state that it WAS repoed, so yes you can be charged a repo fee for a repo performed.
Can a repo company put a seize on your license and license plate and threaten to have you charged with a felony if caught driving the car they are trying to repo?
No, that is the job of the company that gave you the loan. The repo company can take your car the second they find it, but the real expense and trouble comes from the loan company you stole from. If you do not release the car you are in possession of stolen goods after a court judgment.
What if you voluntary repossession of your car due to excessive car repairs?
You are combining two unrelated items.The bank doesn't care if your car is running or the problems with it they want their money.A voluntary repo is the same as a non voluntary repo you will still owe the balance of the loan after the car is sold and the amount deducted from your outstanding loan.
If you bought a car in Virginia and can no longer afford it can you do a voluntary repo and not have your wages garnished?
A repo is a repo, voluntary or not. Do not do a voluntary repo or any other repo. Terrible idea!!! Call the lender and work something out. See if you can find someone to take over the payments or possible sell the car to another part and pay off the loan. If you are upside down on the loan, then sell the car and borrow the balance to pay it off. Having your car reposed is a very bad idea. Your credit will be ruined for 7 years. You will also have the pay the difference in what the lender sells your car for and the balance on the note, plus repo fees. Do whatever it takes to prevent this from happening. I can assure you the lender does not want to repo your car. Call them!!!!
What happens if your car loan is illegal?
then they take your car and repo it.
Can a primary signer of a car loan voluntarly repo a car without the cosigners permission?
More than likely, however you will still end up owing a balance on the car and the primary signer and co signer will still be responsible for the balance.
Why a bank will repo a car?
Non-payment of loan.
What happens if you financed a car and you stopped paying on the loan the loan has been charged off and you still have the car?
I don;t know what you mean by "Charged Off". Unless somehow they have written you off as a deadbeat and forgotten the car, which I doubt, they will come and get the car. They will then sell the car and you will pay the difference in what the car sold for and the balance on the loan. Your credit will be ruined for 7 years.
