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Can you be sued over the balance of a vehicle that has been voluntarily repossessed over three years ago when the repossession is on your credit report?
Wiki User
∙ 18y ago
yes it has a 10 year limit
Wiki User
∙ 18y ago
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What is a deficiency balance for repossession Louisiana?
The deficiency balance in every state as relates to repossession is the outstanding balance of the original principle plus fees accrued by the repossession process that remain after the resale of the repossessed vehicle.
What do I do with a car that was voluntarily repossessed and the finance company won't come and get it?
While most creditors will allow you to have your vehicle voluntarily repossessed, some lenders will not accept them. Your best resolution in this case is to contact the finance company and determine why they will not collect the vehicle. Ensure that they are indeed accepting the voluntary repossession. You will still be required to pay the remaining balance unless you are told otherwise.
Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
Do you have a right to have a repossession letter before my vehicle is repossessed?
no
What is a repossession affidavit?
It's the sworn statement that the lender files with the state DMV when a vehicle is repossessed. It includes data such as, how the vehicle was repoe'd (voluntarily or replevin order) the default date of loan, the date of repossession, the amount owed, the value of the vehicle, all indentifying information,(date and time, location) and so forth.
What is a repair facility's reonsibility regarding vehicle repossession?
They have no liability for a vehicle repossessed lawfully from their property.
Can you charge a repossession fee for a vehicle that was voluntarily turned in?
mine was charged, i left the junker at the car dealership and when i finally got sick of paying for a car i hadn't touched for months, they repossessed something they had possession of.
Is it typical for the bank not to notify you of repossession?
They would normally send you statements reminding you that your balance is past due, and the vehicle could be repossessed if the matter isn't settled. The creditor normally won't inform you of when the order for repossession actually is sent out, and you won't normally be informed that your vehicle is being repossessed until the repo man shows up to claim it.
Where can i find a sample letter of a 10 day repossession letter after repossessed?
need a 10 day letter after vehicle is repossessed
Who is responsible for damage to a vehicle during a repossession?
the person the vehicle was leased to is responsible as they are the ones that have caused the vehicle to need to be repossessed.
What will happen if your car is repossessed in NC?
Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.
Can you reclaim your vehicle after it has been repossessed if you are willing to pay the full balance in Michigan your car was repossessed 2 days ago and Toyota financial is saying that they must auct?
technically, you have 20 business days to pay the balance owed plus all fees that were incurred during repossession.
