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Can the bank attach your pay for the deficiency on a repossession?
Wiki User
∙ 8y ago
YES, they can/will likely garnishee his pay AND/OR yours too. Especially if he doesnt pay, they will come after you and any assets you may have. Make him take care of this ASAP. When you co-signed, you said in effect, if he doesnt pay, I WILL. Good Luck
Wiki User
∙ 8y ago
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Pay off a repossession does it get removed from your credit report?
Paying off a repossession will not generally get it removed from your credit report. If you have a good faith basis for disputing the deficiency on your credit report, you should do that. Many consumers have very good arguments as to why they do not owe the deficiency they are being charged by lenders. In addition to disputing the deficiency on your credit report, you want to be sure to defend any deficiency action brought against you by a creditor. Do not default on these lawsuits. When faced with a competent defense, most creditors, debt buyers in particular, cannot prove their case against you. Winning the case is court certainly goes a long ways toward providing you with a sound basis to dispute the alleged debt on your credit report.
What happens if you max your credit cards out then don't pay?
If you max your credit cards out and then don't pay, the companies may take legal action against you. They can sue you and attach your bank accounts to recover their money.
Can banks attach savings when in house foreclosure?
If you have accounts in the bank that holds your mortgage, the bank can take the money in your accounts to set off what you owe in the foreclosure. You should never have bank accounts in the bank that you owe money to. If the bank requires an account, just open an account and put in the amount needed to direct-pay the bank.
Do I need to pay off a repossession?
Unless you want to be sued, you bet you do.
Do you have to pay income tax on a repo deficiency that you are making payments on?
If you are making payments on a repo deficiency you will not have to pay income tax on the amount. You would have to pay income tax on any part of the deficiency the company wrote off or forgave. The IRS expects you to claim the forgiven amount as income on your taxes.
What are the repercussions of an automobile repossession?
First off you will be required to pay the repossession fees unless you voluntarily turned the car in. Secondly you will be required to pay the deficiency. The deficiency is the difference in the amount the lender sells the car for and the amount you owe. Let's say you owe $10,000 and they sell the car for $8,000. That leaves you owing the lender $2,000. Thirdly this repossession will be placed on your credit report and will stay there for 7 years. Repossession should be the last resort after you have talked to the lender and done all you can to avoid this. Sell the car to another individual even if you have to sell it for less than it is worth, then pay the lender the deficiency out of your pocket to avoid repossession. Have someone take over the payments. Whatever it takes to avoid this.
Does the car owner have to pay impound and storage fees after repossession?
A car owner has to pay impound and storage fees after repssession because that was their car. The bills are left to the car owner, no one else is going to pay their bills.
How do you get the car back from Car repossession in Delaware?
Pay it off, or, make some sort of deal with the bank to get caught up,
Can the repossession company hold your vehicle after it has been paid off to the bank in order to collect their repossession fee in the state of Arizona?
If a repo order goes out. The agent picks up the car and then you go and pay it off. Yes, then can still collect his fee from you or the bank because the agent did preformed their job. If the bank pays the bill they will just add it to the final pay off.
If the creditors repossessed a car and then sold it at an auction can you be made to pay for the rest of the money that they didnt get out of the auction?
Yes, you will have to pay the deficiency plus repossession fees. Your obligation was the balance on the loan no matter what the car actually sold for. If you do not pay they will sue you and you will loose in court.
How do you get out of a repossession?
Pay the debt.
How can you find out how the repossession guys found your car?
No, you have it wrong. The repossession guys found THE BANK'S car. Once the bank takes the right paperwork to the court, the vehicle is no longer yours and you have no rights to it. The bank may have hired a private investigator to find the vehicle, especially if there is enough value that they want to pay off some of the loan.
Can bank put a lien on a new house if the former house was repossessed?
If they have a deficiency judgement, generally because the repossession did not develop enough money to fully pay them the amount you owed, that amount is still your debt and responsibility. Like any creditor, liening assets you have is one of many methoids of collection or assuring payment they have.
Can you get a car back after repossession?
Of course, call your bank and pay them what you owe and they will let you have it back as long as you have not waited so long that they have sold it to someone else.
What is the difference between voluntary repossession and regular repossession and the pros and cons with it?
Neither are good. Call the lender and work something out. a repo is a repo by any standard ,they will sell the unit and go after you for the deficiency no matter what.it will be on your credit as a repo. You will not have to pay the towing and fees associated with the repo. That is the only difference.
What happens after a repossession?
After a repossession, you will need to pay a fine usually. For example, if this was a car being repossessed, you would have to pay a certain amount to get it back.
What can be done to you if you have a car repossession?
Pay the bill and fees to get your car back. If you can't afford it, your bank will auction the car and you will pay the difference between what they sold it for and your loan. Your credit is also ruined, it will get better in 7 years.
