0
If a creditor is taking your car to be sold as payment and you still owe money on the car what happens once it is sold at auction does part of the money go towards repaying the loan on the car?
Wiki User
∙ 17y ago
Yes. all of it should go toward repaying the loan. That is why they reposessed it...because of the delinquent loan.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
What is a back payment?
A back payment is an overdue payment from a debtor to a creditor on money owed.
How do you make an electronic payment.?
Visit the creditor's website and you should find instructions for that particular creditor.
What defines your payment history?
the number of late payments, amount of debt, and delay in repaying loans
Do I still owe if a creditor refuses to give you payment address?
If a creditor refuses to give you payment address, you still owe them money. This might be frustrating but does not get you off the hook.
Does a creditor need to let you know in writing if you are in default of a car payment?
No they do not
What can a repo man do if they dont get paid by creditor?
The only recourse (legally) would be to file suit against the creditor, seeking payment.
Can you pay a civil judgment in payments?
Usually you can work out a payment plan with a judgment creditor. If you do not have the money now, a payment plan (and settlement agreement) is a cheaper and better alternative to the other collection techniques in the Creditor's arsenal.
Can a creditor repossess a car when the payment is one day late?
Yes Usually they allow a grace period for an arears payment, but they do not have to.
With a cross collateralized debt when the vehicle was surrendered can the creditor demand payment for deficiency?
In the state of Texas, yes the creditor can follow for the deficiency balance.
Can a creditor or government agency automatically demand payment after a chapter 13 dismissal?
no
Is the money that a creditor must by law accept in payment of debts?
Legal Tender.
What entry is made when a payment is made to a creditor?
dr. supplier cr. bank
