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After your repossessed car is auctioned how long do you have to pay off what you still owe?
Wiki User
∙ 8y ago
BAD news. They have already tried to let you make payments. This time they will want ALL of it.
Wiki User
∙ 8y ago
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If you allow a car you cosigned for to be repossessed then pay off the balance after it is auctioned will it still affect your credit?
IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.
If your car has been repossessed and you have not yet filed bankruptcy can you still be eligible to get the car back after you file?
If the car is gone, the car is gone. The car would only be covered in BK if you still had it. If you file Chapter 13 bankruptcy within 10 days of your car being repossessed, or in some states before it has been sold or auctioned, your creditor must return the vehicle to you.
What will happen if your car is repossessed in NC?
Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.
Can they make you pay the difference between what the car brings and the amount you owed if your car is repossessed and auctioned in Arkansas?
YES, read the contract you signed.
Do I get money for car being auctioned off?
Yes, if you own the car being auctioned, you get the proceeds of the sale, minus the auctioneer's commssion. No, if your car was repossessed and auctioned by the lender, it would be rare that the proceeds, minus the auctioneer's commission would exceed the amount you owed on the loan. However, if it did, you would get the remainder. On the other hand, if the auction doesn't cover your loan, then you could still be sued for the remaining payments.
Can the bank come back to you for the difference of the loan after the car has been repossessed and auctioned?
yes they can...but it also depends on state laws too
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.
If you have never had a car repossessed you have had a house repossessed Can I still get a car loan?
Most likely not depending on what financial situation you're in.
Can your car get repossessed after bankruptcy?
not if you still owe money on it
Can a car really get repossessed then auctioned for one cent and the owner be charged the balance?
It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.
Can you let a car be repossessed with scratches on it?
A car can still be repossessed if it has scratches or some slight damage. The current value of the car is normally used when netting off the debts.
If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
