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READ YOUR CONTRACT. In very few circumstances will you NOT be responsible for the balance due after the collateral has been sold. Very few, in most cases you will pay the difference between what the car sells for and the balance due. If you file bankruptcy you are NOT responsible for one dime and the lender can make no attempts to collect once the debt has been discharged.
Wiki User
∙ 18y ago
Wiki User
∙ 16y agoYou have the right to pay for the car. You have the right to pay the repo fees. You have the right to being sued.
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Can my wages be garnished to pay the balance of my auto loan after my car has been reposesed?
That depends on if the lender uptained a judgment againt you. They would have sought a judgment if the value of the car exceeded the balance of the loan at the time it was reposesed. Some peole are stupid enough to intentionally make their car worthless if it's going to be reposesed. The differanc between the value of the auto and the loan is what the lender will go after.
What are the repossesion laws in New York?
Please be specific on what type of collateral is being reposesed? car? house? equipment? ussualy if you miss 4 monthly payments it will be reposesed. But you can work it out with your lender.
Will voluntary car reposesion hurt your credit?
if i let my vehicle get reposesed will it hurt my credit?
Can a New York city marshal repose a car that has bank as the lien holder?
yes they can and they do , they actually sell these cars in an auction if they are never picked up. they only state the car has a lien before the car is sold... people that usually buy these cars get them reposesed by the banks. so is a waste of money, to buy any of these vehicles...
Do you have to pay back a second mortgage after it has been reposesed?
The second is just a lien. It will have to be satisfied at the time of sale to clear title & should be when it is.
Does the buyer have any rights when buying a used car?
Yes, you have all the rights listed on the contract when buying a used car.
Does a cosigner have rights to the car even when its paid off?
No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.
Law regading impound car repossion?
The law regarding impound car repossession varies by state. Generally, a lender can repossess a vehicle if the borrower is in default on their loan agreement. It's important for borrowers to review the terms of their loan agreement and understand their rights prior to facing a repossession.
Do i have to pay money back once a car is reposesed?
Yes you do. They repossess the car and then sell the car. You are responsible for the difference in what the car sells for and what you owe on the car. You will also pay any fees associated with the repossession. Let's say you owe $10,000 on the car and the sell the car for $8,000. You will then owe $2,000 plus repossession fees that can fund into as much as $500 or more depending on how much effort is required to find and repossess the car.
If you pay finance on a car but the car is not in your name who has the rights to the car?
The person who the car is registered with. You are paying for a car you don't own.
What rights does a person have who pays for car insurance and name isn't on the car?
none
Do you have rights to A car if your names on the title?
Yes. If your name is on the title you are considered owner of that car.
