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.
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.
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
You can always make an offer, but its up to the lender whether its accepted.
BAD news. They have already tried to let you make payments. This time they will want ALL of it.
NOT likely, you have made "arrangements" already.
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.
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.
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.
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.
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
Auctioned or cautioned
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.
Payments are the entire balance due after the lender sells the car and YES, in most states they can garnishee your wages.
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.
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.
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.
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.
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.
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.
Yes - it's called 'balance transfer' and is commonly done if you transfer the entire balance in one fell swoop.
Balance of 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.
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.
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