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Do you pay what is left on the loan or what the lienholder sells it for on a voluntary repossession of a car?
Wiki User
∙ 8y ago
On ANY repo, you pay the balance due AFTER the car is sold. Payoff = 5K, car sells for 2k, fees = 1K, you owe 4K.
Wiki User
∙ 8y ago
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How will a repossession affect your credit report?
A repossession is a significant derogatory mark against your credit. The account appear with a similar status as any collection or charge off account. In repossession, the collateral is often re-sold with the amount received being applied against any remaining amount owing on your loan. If the collateral is sold for less than what you owed, the amount left over, called a "deficiency balance" is still your debt. The creditor can actively collect on this, report it on your credit report and sue you to recover the amount.
How much commission will you pay if your broker charges 10 percent and sells stock worth 2594.64?
Move the decimal one place to the left.
What happens in a repossessions?
in nc i voluntarily repoed if you call i that because of the bad economy it was either let the vehicle go back or my home now they are going to sell my home to get what is left owed afterauction
If you foreclose on your first mortgage what happens to your second mortgage debt?
That depends on a lot of things. If you owe less than the house is worth, then the 2nd lienholder is paid any proceeds left after the balance of the 1st lienholder and any applicable fees and fines are paid. For unresolved balances, well that is a state by state question and answer. For example; in AZ if the second mortgage is not satisfied, then they have a legal right to persue the balance, unless it is convered by the Mortgage Protection Act of 2007. Even that can't help you if you took out a bunch of money in a refinance. That law was deisgned to protect homeowners from negative loss due to market conditions out of their control. If you took $100,000 out of your equity to build a pool and go on vacation, they don't view that as "out of your control."
Does the repossession debt get immediately charged off?
No, the vehicle will be sold at auction and after expenses are paid, any money left will be applied to the loan amount. You will still be responsible for the remaining amount of the loan. If you don't pay off the remaining amount of the loan, the debt will be turned in to a collection agency and possibly court action will be initiated.
Can you set up payments for what is left after a voluntary repossession and the vehicle is auctioned?
You can always make an offer, but its up to the lender whether its accepted.
How would an incarsarated family member return a new car to the dealership?
Well first off, it's not like he could get a refund. If he is simply going to let it get repossessed, he can have someone else drop it off & he can send the lienholder a letter stating he is voluntarily letting them repossess the vehicle, along with location of where it was left. Voluntary repossessions avoid additional charges, towing, repossession fees,etc.
If a car was totaled by the insurance company after it was repaired per the insurance company what is owed for a voluntary repossession?
In most states, you will owe whats left owing after the ins. co. pays.
Can you give me a sentence with the word voluntary in it?
Example sentence - We all contributed in the voluntary clean up efforts after the tornado left a path of destruction through our town.
What happens to left over toys at mcdonalds?
Sells them on eBay.
A patient was admitted to the medical surgical unit with a stroke that affected the motor neurons in the pyramidal pathway. This affected the loss of voluntary movement to his left side.?
Voluntary movement is coordinated by the cerebellum on the left side of the brain so if that's the case the right side of his body would be affected
Where to get MacBook stickers in Hong Kong?
There is a shop in Wanchai computer market that sells decals and keyboard stickers. On the first floor, take a left and use the escelator in the far left corner. The second shop on the left, right in front of you sells them and has a comprehensive selection.
What are the car repossession laws in Ohio?
In the state of Ohio, your car may be repossessed if you miss one payment. Your car may be taken any time of the day or night by the repossession company. The repossession company is not allowed to keep any items that you may have left in the car. The company must inform you as to what they are going to do with the car, including selling it, putting it in a car auction, or keeping it.
Is it a voluntary quit in Arkansas if a tractor-trailer semi wouldn't pass a pre-trip DOT inspection and they tried to make me drive it anyway and I went home?
If you left on your own accord, it's considered voluntary.
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 use repossess in a sentence?
The bank's repossession of their house left the family with no place to live.
Do you need a writ of repossession in Lubbock county state of Texas?
If you are a landlord and the tenant has not left the premises yet, then you would need a writ. If, however, the tenant has abandoned the property, I would document this via dated photograph and go ahead and change the locks.
