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Do you still owe money if the lender sells your repossessed vehicle for more than you owed?
Wiki User
∙ 17y ago
If the lender sold your car for more than the amount owed but fees are still due, such as the repo fees, storage charges, state taxes for selling etc.--it could be that you may still owe. I would ask for a letter that itemized all their costs and see how they come up with the figure you still owe. They HAVE to keep you informed. If you can, have an attorney look at it and tell you if what they have done is correct. Now--if you still owe- take care of it, borrow from a bank, a relative, if possible--depending on the balance owed--they can place a judgement and/or garnishee your wages.
Wiki User
∙ 17y ago
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Approximately how long after your car is repossessed do they come after you for the deficiency?
As soon as the lender sells the car, they will know what the balance due is. Then they will come after the money. You will know when that happens.
If you purchased a vehicle for your son in your name and it is repossessed what will happen to you after the car is seized?
Likely you will have to pay the loan off after the lender sells the car. lenders have some legal options that will collect from you.
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 much does a repossessed vehicle sale at action?
Truthfully a repossessed vehicle sells for what the bank is trying to get out of it and that is usually what is owed on the original loan and sometimes they will accept less for a number of reasons just to get rid of it and that would be damage to the vehicle, age and mileage.
Where do you stand if repossessed truck is sold for less then the loan?
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
What if your car is being repossessed?
They will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact the lender and work something out.
What payments may you have to make if your car is repossessed and can they garnish wages?
Payments are the entire balance due after the lender sells the car and YES, in most states they can garnishee your wages.
When a car is repossessed what happens to its owner?
Your credit is damaged. You are then responsible for the difference in what the lender sells the car for and the balance on the note. It cost you in more ways than one. Don;t let it happen to you. The lender does not want to repo the car. Work out something with them.
When the original purchase money mortgage lender assigns the mortgage to a second party does the value of the benefits pertaining to purchase money remain the same?
Yes, if the lenders sells your loan to another lender. If you refinance -- No.
You have a car in which the transmission burned out within 1000 miles after purchase the warranty will not cover the repair. If you had the vehicle voluntary repossessed would you be liable for repair?
You will in the end pay for the repair. They will sell the car, it will bring way less than if it did not need the repair, you will pay the difference in what it sells for and the balance on the loan. Having it voluntary repossessed was a very bad idea. Now you will pay, and have bad credit to boot. It depends on the value of the car. Most of the time the lender will not take the vehicle if the cost of repair is more than they want to spend. Say the car is worth $10,000 and the lender figures in the repair cost, the fees, tow, etc., it's not worth it to them. However, you still have to pay for the car unless bankruptcy is filed. If you file and claim the car and surrender it,the lender may not pick up the car and you will no longer will be responsible for ANY payment to the lender. It sounds like you bought a used vehicle which the lender wouldn't want anyway.It just depends on the type of vehicle and the value.
What happens to you when your car is repossessed?
Repo'ed carContact the lender that had the lien against the car, and they will tell what steps need to be taken to get it back (i.e. making all overdue and/or current payments on the vehicle).
If you have a voluntary repossession and the vehicle sells for less than owed can the lender garnish your wages for the difference?
YES, in most states under most conditions.
