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Can you be forced to pay the balance due on a repossession from 1986?
Wiki User
∙ 8y ago
Demand VERIFICATION of the debt. Dont say or do anything until you have verification in your hand. THEN you can prceed to make a plan. Someone somewhere had to have gotten a JUDGEMENT against your husband for the balance owing. The judgment has to be in effect for them to try to collect.
Wiki User
∙ 8y ago
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What happens if you haven't paid the remaining balance after the repossession?
"remaining balance" as in what you are behind OR the remaining balance due on the loan??
Can you get a repossession off your credit if you pay the past due amount immediatley?
Actually, it doesn't just come off your record. It will show as a repossession, but it will show as no balance due.
Can a lender garnish your wages and income taxes after repossession?
IF they have a JUDGEMENT for the balance due, they can garnishee your wages. Income taxes?? NO
If you make one payment when payments are behind can this stop the repossession?
Check your loan contract, but in most cases (99.99%) if the payment does not represent the total past due amount, or if you do not have arrangements with the lender setting asside repossession actions in lieu of payment arrangements, no; one payment toward a past due balance will not stop or delay repossession of the vehicle.
Do you still have to pay on a loan after your car is repossessed?
Yes, provided there is still an outstanding balance after the repossession and resale are completed. This is the case in most situations, due to the added cost of repossession, storage, and transport of the vehicle that will be assessed to you. If it remains unpaid, the lender may (likely will) file legal actions against you to recover the balance.
What happens if you haven't paid the remaining balance after the repossession?
"remaining balance" as in what you are behind OR the remaining balance due on the loan??
In Georgia should you do a voluntary repossession or just repossession?
The second to last sentence should read - Never will a voluntary repossession cost you MORE than a forced repossession. A repo is a repo. Voluntary Repos will, in most cases, save you money due to the cut in fees associated with the repossession. In some cases these fees will not be any less and the cost of a voluntary repo and the cost of a forced repo are the same. Never will a voluntary repossession cost you less than a forced repossession. Either way, voluntary repossession is the decision I would make, due to the possibility of a lesser cost.
Can you get a repossession off your credit if you pay the past due amount immediatley?
Actually, it doesn't just come off your record. It will show as a repossession, but it will show as no balance due.
Can a lender garnish your wages and income taxes after repossession?
IF they have a JUDGEMENT for the balance due, they can garnishee your wages. Income taxes?? NO
What are your rights if a collection agent has recently began calling about the balance due on a 13-14 year old repossession?
DID the lender get a judgment for the balance due? Demand verification of the debt from CA. NO verification, NO PAY...
If you make one payment when payments are behind can this stop the repossession?
Check your loan contract, but in most cases (99.99%) if the payment does not represent the total past due amount, or if you do not have arrangements with the lender setting asside repossession actions in lieu of payment arrangements, no; one payment toward a past due balance will not stop or delay repossession of the vehicle.
Do you still have to pay on a loan after your car is repossessed?
Yes, provided there is still an outstanding balance after the repossession and resale are completed. This is the case in most situations, due to the added cost of repossession, storage, and transport of the vehicle that will be assessed to you. If it remains unpaid, the lender may (likely will) file legal actions against you to recover the balance.
How would repossession affect your credit if im co buyer?
It will fester like a throbbing red boil for 7 years. And you can be sued for the balance due as well.
How would repossession affect your credit if im co-buyer?
It will fester like a throbbing red boil for 7 years. And you can be sued for the balance due as well.
If somebody is willing to pay the whole due amount after repossession do they have to pay the interest they owe?
The lender will tell you the balance due to payoff the loan. YES, it wil most likely include interest. Read your contract.
You paid your past due balance before repossession but the next morning they took it what can you do?
The note was called at that point. You can either pay off the rest of the debt and try to get your car back or you are out.
If you do a voluntary repossession on your truck will your dad's credit be affected as the co-signer?
VERY MUCH affected. You AND Pop will be expected to pay the balance due after the lender sells the truck. Try to sell it yourself.
