answersLogoWhite

0


Best Answer
Copy

ONLY if the lender agrees to doing so. After all, you agreeded to make make payments on the car once before.

User Avatar

Wiki User

โˆ™ 2015-07-14 16:08:10
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Add your answer:

Earn +5 pts
Q: After the car is auctioned can you make payments for the remaining balance?
Write your answer...
Submit

Related Questions

I'm a co-signer on another car and I'm doing a voluntary repo on my car how does that effect me?

The primary borrower is responsible for this debt, but if they do not make arrangements to pay the remaining balance of this debt (once its auctioned off) then you will be fully responsible for the remaining balance.


In regards to the question if you volunteer a reposession do you have to pay off your car loan what happens if you can't pay that balance?

Voluntary RepossessionOnce this vehicle has been auctioned off, the remaining balance that is left on this loan will be your responsibility to pay off. You can contact this collection agency once you receive a new statement of this balance. Usually the two options that you have is either make monthly payments or you can negotiate a settlement. Your best bet is to save anywhere from 30-50% of the remaining balance, and settle. Get everything in writing before making a final payment.


If you have a vehicle voluntarly repossessed will you continue to have to make the payments or pay the balance after auction?

Yes, you are required to make the payments, before and after the car is repossessed, after the vehicle is auctioned you will receive a letter from the bank stating what your car was auctioned for and the remaining balance you are required to pay. just to end the ultimate myth if you surrender you car it will make no difference on your credit DO NOT LET THEM LIE TO YOU! a repo is a repo voluntary or invol. it will just show up as a repo, and you get no where close to the value of the car remember it's going to a dealer auction and they normally get rock bottom price. example: if you have a 2002 mustang that you paid 20,000 for you will probabley owe 17,800 that vehicle will bring 5,000 - 6,000 tops! probabley less and you are required to pay the remainder of the balance. also you will not get a car loan for about a year after the rpoessession if you are lucky... I cover more about this and the other lies that the banks tell you at my website www.stoptheREPOman.com


Can you set up payments for what is left after a voluntary repossession and the vehicle is auctioned?

You can always make an offer, but its up to the lender whether its accepted.


After your repossessed car is auctioned how long do you have to pay off what you still owe?

BAD news. They have already tried to let you make payments. This time they will want ALL of it.


Will Wells Fargo let you make payment arrangements for the balance owed after your car has been auctioned in VA?

NOT likely, you have made "arrangements" already.


I have not paid for your car in over a year and they will not come get it?

This is something I never heard of. You definetly want to make arrangements of returning this car to the lender or dealership. Call them and make arrangements. Returning the vehicle is better when it comes to your credit. Once this vehicle is auctioned off and sold, you will be left with a remaining balance. Once you receive notice of this, you can actually prepare to negotiate a settlement of .10 cents on the dollar, or 30% percent of the balance. Get everything in writing before making your final payment. This is something I never heard of. You definetly want to make arrangements of returning this car to the lender or dealership. Call them and make arrangements. Returning the vehicle is better when it comes to your credit. Once this vehicle is auctioned off and sold, you will be left with a remaining balance. Once you receive notice of this, you can actually prepare to negotiate a settlement of .10 cents on the dollar, or 30% percent of the balance. Get everything in writing before making your final payment.


Do most finance company allow you to pay the late payments and then continue with the agreed contract if the vehile was repossessed?

If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction. Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.


My car was repo. and what happens when i can't pay the difference. can i make payments instead paying it all back at once?

You can negotiate payments, but I always recommend saving at least 30% percent of the remaining balance and negitiating a settlement. Get everything in writing before making your negotiated final payment. Then request a letter stating that the account is now "Paid in Full", instead of "Settled for less". Very important that you request this, so that they do not sell the remaining balance to a third party collection agency.


What will happen if a person just pay the minimum balance?

If you only pay the minimum payments you don't make a huge impact on the principle balance, if at all. This means that you will continue to owe money since most of the payments are going towards interest and not paying down your balance.


I am make payments for back child support but the govement has a notice to take my tax return can they do this if you have make arrangerment with the state?

Yes - the State may intercept tax refunds to collect the unpaid balance, even if you are making payments on that balance as agreed. see related links


Make a word from education?

Auctioned or cautioned


If the borrower doesn't make any payments will the bank sue or go after cosigners first to get payment or will they foreclose?

Notices of default will be sent to the borrower and co-signers, then notices of final opportunity to pay, then notices of foreclosure. Once the property is foreclosed and auctioned, the borrower and co-signer may be sued to cover any remaining deficit on the loan.


What payments may you have to make if your car is repossessed and can they garnish wages?

Payments are the entire balance due after the lender sells the car and YES, in most states they can garnishee your wages.


Does interest still accrue on your balance once you have closed a credit card account?

Yes, just like any other loan. Late charges, too, if you don't make the payments on time. If you close an credit card account with the bill remaining, do you still have to pay for it.


Is it better to file bankruptcy or let a car get repoed?

Depends on your monetary situation.If you can make the payments then no but if you have alot of debt then yes declare.If they repo you lose the car and all the money you invested in it to that point.After the car is auctioned(at a very low price)you are then responsible for the balance plus all the fees.So if you go into bankruptcy before a repo you are much better off monetarily.


Do have to pay the difference on a repo car?

Yes. If you take out a car loan, fail to make payments, and the car is repossessed, you will have to pay the difference between the price the lender received at auction and the balance remaining on your loan.Since repossessed cars are usually sold at wholesale auctions, the difference can be thousands of dollars.


How do you own a home years sooner without making extra interest payments?

You make extra payments toward the principal.You make extra payments toward the principal.You make extra payments toward the principal.You make extra payments toward the principal.


If you leave a little of your credit card balance unpaid each month will it have a positive effect on your credit rating?

It CAN have a positive effect, but it also depends on the rest of your credit report. Leaving a small balance is advice often given to people who are looking to establish credit: borrow money, pay most of it, but show that you can make payments responsibly by making payments on a small balance.


If you still owe a considerable amount on your car that isn't running should you continue to make the payments and insurance or voluntarily surrender it or sell it and take out a loan for the balance?

Sell or continue to make the payments. Do not let the car be repossed. This would hurt your credit and is the last thing to do.


Can you make payments on a credit card by using another credit card with a lower interst rate?

Yes - it's called 'balance transfer' and is commonly done if you transfer the entire balance in one fell swoop.


The total amount of goods and services plus money and gold that flow into and out of a country during a given period make up the country's?

Balance of payments


Can a bank refinance your car if you are upside down on the payments?

YES! You don't make your payments and they will repo. They will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact the lender and work something out.


Will car come off your credit if repositioned car is resold?

If you mean repossessed, sorry, no. Doesn't matter if it was auctioned off or re-sold to anybody else, if you didn't make the payments (on time or not at all) that will still reflect on your credit, badly for 7 years.


Do you still have to make payments to finance company on a stolen car?

yes, if your insurance settlement does not satisfy the outstanding loan balance you are still responsible for the remaining balance- you might me able to work w/ them to lower the payments if its a hardship, if you stop paying it will go to collection, then after awhile and depending on the amt outstanding they will either file a lawsuit against you- which can lead to liens on property or wage garnishment- this varies by state, or they will discharge the debt- but beware if they discharge/forgive the debt you will receive a 1099C Cancellation of Debt form, and you must claim the amount as income on your taxes