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Can the lender collect the rest of the money you owe on a car that they repossessed?
Wiki User
∙ 8y ago
In most cases, YES
Wiki User
∙ 8y ago
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When a car is repossessed voluntarily will the lender still try to go after the cosigner first to collect the rest of what is owed on the car?
Its NOT a matter of first or second, its who has the most assets that can pay. If the buyer doesnt pay, they will be on the cosignors steps the next morning. Vol or Invol, they want their money.
If your car is repossessed how do they go about getting the rest of the money from you?
After the car is repoed, the lender will ask you very nicely 3 or 4 times to pay the balance on the loan. Each time they will remind you that they have other legal remedies to use to collect. If you cant/wont pay the balance due, they will use the other legal remedies. Those may include: getting a judgment against you for the amount due plus fees, garnisheement of your wages, attachment of other property that you own.
Can you still have a job and collect money from the state?
no , dont rip off the rest of the tax payers
I recently had a leased vehicle repossessed. Now the bank is trying to collect a large lump sum deficiency amount from me. If they get a judgement against me for this amount can they take the money from my bank accounts?
No, they can't. They can put a judgement on your home, so if you try to sell it and do. They will get the money owed to them, and then you will get the rest. Yes, they can seek a garnishment for the amount. However, garnishments can be filed for your paycheck as well.
What if I returned my car after purchasing it one year ago because I can no longer afford the payments?
It would be a very bad thing to do. You are voluntary having it repossessed. The lender will sell the car for whatever they can get and you will be responsible for the difference in what they sell it for and the balance on the loan. They will more than likely wholesale it and you will be stuck owing the rest. Your credit will also be ruined for 7 years. This is a horrible idea. Go set down with the lender and work something out if at all possible. You do not want your car repossessed.
What can the lender do to you after repossession?
If the repossessed property did not sell for enough to satisfy the debt the lender may decide to seek the rest of the payment through the courts. The courts may decide to require that you sell assets to satisfy the remainder of the debt. If you do not have assets to satisfy the debt the lender may be allowed to require, by court order, that your wages be attached to make payment. While all of these are possibilities courts do not always grant all of these options.
How do you find out if your car is going to be repossessed in Arizona?
If you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.
How do i buy a car from my brother if he is still making payments on the car?
pay him what he spent on payment already and the rest and have an agreement when he gets it all paid for with your money that he will give it to you. Answer Advice to the wise: Pay the money directly to the lender and get the clear title to the car. It may take a visit to the lender by both the buyer and the seller. You may also need to take out a new loan in your name.
What do you do when get the hydra scale?
You collect the rest of the sacred items.
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.
What happens when a damaged car is repossessed?
You are responsible for the entire amount that you owe them - (minus) the amount they get for selling it, which won't be much with $6k in damages. They will report it on your credit, possibly try to get a judgment against you so they can garnish your wages or lien your property (these laws vary by state) but most likely they will just report it on your credit once as a repo, then as a charge off for the amount left. If the car is that badly damaged the lender will refuse to take the car.They will still come after you for the money owed.In your contract it will state any damage to the vehicle that was caused by you, that you will be responsible for the repairs that the lender has made. Plus the balance and all fees accured.If you were to file bankruptcy these debts will be wiped out and the lender eats the repair bill along with the rest. That is the reason lenders will not take back a damaged vehicle.
If you default on your car loan can they take your away your pension?
Not right away.Generally:The lender has a reposession company pick up the car and take it to an impound yard.The lender has the title changed to their name.The lender sell the car to a wholesaler, usually for the wholesale book value.From the proceeds the seller recovers the legal fees and the reposession fees. The balance of the money is credited to your account.Now the lender comes after you for the rest of your account balance. The can:Negotiate with you and settle for part of the money.Get a collection company to recover as much cash as they can from you.Take you to court and now the court can garnish your pension to pay off the debt.
