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What will happen if a vehicle is voluntarily turned over to the bank and they sell it for less than is owed?
Wiki User
∙ 8y ago
Your stepson made a decision (maybe not an informed one)and now he has to pay the results of it. Results??? The lender will get a judgment against him for the deficency balance and collect it.They can collect by garnishment of his wages and attachment of his property. Good Luck to him.
Wiki User
∙ 8y ago
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What happens to your credit if you voluntarily have your?
what happens if i voluntarily return my car to the bank due to job loss
Where is bank 1 on a Mazda Protege 5?
Most engines face forward, or to passenger side of vehicle. Therfore you sit on the left side,so that's bank one. if your engine is turned toward passenger side. bank one is front of vehicle.
Can a car purchase agreement be cancelled if the car has not received AND the title for the trade has not been turned over to the dealer?
If you have not driven off the lot with the vehicle and have not turned over the title for trade there is no deal. They still have the vehicle you agreed to buy, and the bank has to approve the loan which has not been done either.
What happens to my credit if I voluntarily give my car back to the bank?
Even if surrendering a vehicle is voluntary, you will still be responsible for the amount owed on the loan after the sale of the vehicle. Most lenders report to the credit bureaus and any unpaid balance will be reported, as will payments made or missed on this balance.
Do i need full coverage on a financed vehicle that is garaged and i do not intend to drive?
Yes. Damage could still happen to the vehicle and the loan company or bank will require full coverage.
What do you do with a car that was voluntarily reposesed and the bank never picked it up?
The simple answer is, that if the bank never picked it up it is not repossessed. If you are not making your payments, and really want to give up the vehicle, what a lot of people do is take it back to the bank, and leave it in their parking lot. Be sure to give the bank manager the key and let them know what you are doing. If this is not possible continue to try to call them.
If a vehicle is voluntarily turned in to the lienholder and payment is up to date can they put a lien on your house for the balance owing on the vehicle?
If the lender wins a lawsuit and is awarded a judgment, the judgment can be executed as a lien against real property owned by the judgment debtor, including the primary residence. In most states other ways of executing a judgment are, wage garnishment, bank account levy and the seizure and liquidation of non-exempt real or personal property belonging to the debtor.
Can a dealership pay off a loan I have with a bank and keep my vehicle?
It's the bank's vehicle, so long as they hold the lien on it. If the vehicle is in the shop for an extended period of time without the bill being paid, they can file a mechanic's lien and acquire it that way. If you're trying to get out making car payments, it's not going to happen.
What is entry for vehicle loan taken from a bank?
vehicle a/c debit bank loan a/c credit
Who owns the vehicle the bank or the person?
In a loan where the vehicle is the collateral, it is registered, but if you do not keep up with your payments, the bank stakes their claim and reposseses it, so in a way, the bank owns it, and it is a rent-to-own vehicle.
What is a left bank pal?
Left bank is on the drivers side on a RWD vehicle. On a FWD vehicle stand behind the transmission and the left bank is on your left.
What can happen if you hide a vehicle from the bank for non payment?
This all depends on where in the world you are and the kind of agreement you signed up to. As a rule of thumb the bank owns the vehicle until all your payments are paid off. If you do not make payments your obligations with the bank include returning the vehicle to their vehicle collection personnel. With this in mind, Hiding the vehicle from the bank could be classed as theft so criminal proceedings could be taken out against you. Many finance companies and some banks are now insisting that Tracking devices are fitted to vehicles for the full term of the finance agreement. Hiding your car from them would be almost impossible.
