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Do you owe Ford Credit If you voluntarily turn the truck in and Ford Credit sells vehicle at auction?
Wiki User
∙ 14y ago
Each state is different, however, in most states the amount that the vehicle (collateral) is sold for is deducted from what you owe. You will still owe the remaining balance. If the collateral is sold for more than you owe, plus repossession/reconditioning expenses, the lien holder (bank) is in turn required to rebate you the difference.
Wiki User
∙ 14y ago
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What do 'Turners' sell in auction?
Turners sells all sorts of new and used vehicles in auction to customers. They also provide financing options to help pay for the vehicle once you bought it.
You returned a car you purchased because you could not pay for it?
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
Can you buy a police impound?
If you mean an impounded vehicle, it probably depends on the locality, but here in my city, the police department sells siezed vehicles once a week at an auction.
Do car auctions charge sales tax?
No the auctual auction does not charge tax, they get a fee of the total price, but once a dealer sells that car that dealer has to pay taxes on that vehicle.
Does the lien holder have to hold your motorcycle after repossession?
After repossession, the lien holder or agent sends information on how to reclaim the vehicle; if the owner does not respond or cannot repay the outstanding debt, the agent removes all personal belongings and sells the vehicle at auction. You will then be liable for the difference in what it sells for and the balance on the loan plus repossession fees.
What is a cattle market?
An auction type market that sells cattle.
What type of products does Mullinax Ford sell?
Mullinax Ford sells the following products: Used vehicles, new vehicles, vehicle parts, vehicle trading, car servicing, financing and credit applications, vehicle servicing, to name a few.
How do you use auction in a sentence?
My dad bought a TV at the local auction for $100.
What is the name of the person who directs an auction and sells the goods?
auctioneer
What is the meaning of auctioneer?
A person who sells by auction; a person whose business it is to dispose of goods or lands by public sale to the highest or best bidder., To sell by auction; to auction.
What happens when you voluntarily give back a car?
Bad things, among which is ruined credit for 7 years, payment of the balance left on the note after the bank sells your car. Not good things. Don't do it. Call the lender and work something out.
If your car is repossessed do you have to pay the balance?
you'll owe what's left on the contract after the vehicle is sold (probably through auction). Example: you owe $2500, the car sells at auction for $500, you owe $2000 because you signed a contract stating you'd pay a certain amount, that's what the creditor is after.
