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What if the company that repoed your vehicle sells it for less than you owe?
Wiki User
∙ 16y ago
They will look to you for the remaining balance
Wiki User
∙ 16y ago
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The company that sells the C3 Picasso is a french motor company named Citroen. The car company is known for making low cost highly effective cars that use less gas and are extremely affordable.
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.
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When a car gets repoed and sold at an auction for less than its value can the leading company put a lien on your credit report for the balance?
The lender will get a JUDGEMENT for the balance due and put THAT on your CR. And then use their OTHER legal options.
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.
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.
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Can you get insurance on a reconstructed title car?
The insurance company will not know that the vehicle has been reconstructed unless you tell them up front. The problem comes if you have an accident or claim which totals the vehicle. The value of a vehicle that been a total loss is far less than a vehicle that has not so the company will evaluate the value of your vehicle at a far lower amount when time to pay you in a total situation. This is a fact that you need to be aware of in case you do total the vehicle again. The company is obligated to pay you the value of the vehicle at the time immediately before your accident. This is fair as you pay far less for it versus buying an undamaged vehicle but you will pay premiums the same as anyone else.
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The older the vehicle, the less the damage. The insurance company makes a judgment in each case as to whether it is cheaper to repair the vehicle or to 'write it off' its books and scrap it.
What happens when 2008 car is repoed?
You will have a certain amount of time to bring the loan current and get your car back. Otherwise it will be auctioned off, if you are lucky enough and the car auctions for at least what you owe on it, you will only have to deal the with scar of a reposession on your credit. If it sells for less that what you still owe on the loan, you are responsible for paying that back.
