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What happens if one co-buyer of a vehicle lets the car get repossessed and moves abroad without paying the deficiency?
Wiki User
∙ 19y ago
The other co-owner or cosigner will be responsible for the debt.
Wiki User
∙ 19y ago
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If the cobuyer of a vehicle that was repossessed is going to reclaim the vehicle how does he get a clear Texas title without the other's name on it?
Make the idea known to the lender BEFORE you proceed. get it claer what is to happen.
Can a lien be placed on a home if the owner owes a loan deficiency amount when a vehicle is repossessed?
Yes.
Does the buyer have to be at the trade of a vehicle when cobuyer trades?
Yes
Do you have to pay on a repossessed car if not sold?
If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.
What is a deficiency balance for repossession Louisiana?
The deficiency balance in every state as relates to repossession is the outstanding balance of the original principle plus fees accrued by the repossession process that remain after the resale of the repossessed vehicle.
What happens when you cannot locate a vehicle that is to be repossessed?
If there is evidence of fraud, the person hiding the vehicle can be prosecuted and possibly even put in prison.
Can a disabled person's vehicle be repossessed in Florida?
A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.
What happens when lease cannot be paid back?
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
Can your vehicle be repossessed if you are awaiting to be paid by the federal government?
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
What happens when there is a voluntary repossession of a vehicle and you cannot pay the remaining 13237 debt because you are unemployed and looking for a job?
The borrower is responsible for any deficiency in the balance of the loan and applicable fees that remain after the sale of the repossessed vehicle. If the borrower cannot reach an equitable repayment agreement with the lender, the lender may decide to file a lawsuit against the debtor to recover the monies owed.
Can you get your vehicle possession after your vehicle was repossessed?
by paying the bill or rebuy it at an aucton
How does it affect your credit or obligation if your repossessed vehicle was stolen from the lienholder?
The repo will effect your credit. The judgment the lender will get will effect your obligation to pay the deficiency balance. the letter wont effect anything UNLESS the car WAS stolen.
