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.
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 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?
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…
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?
After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?
After your vehicle is repossessed and the car has been auctioned off can arrangements be made for the remainder of the loan balance?
The vehicle was repossessed for non-payment of the lease, correct? You still owe all the money to the lender, even though you no longer have the car. You signed a written agreement with the lender promising to pay a certain amount each month for how ever many months were in the lease. You breached that written contract by not paying the monthly lease - Just because the car is taken away from you does not…
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
When a vehicle gets repossessed it either goes back to the dealer who leased it, or, and more commonly, it is auctioned by the reclamation company. You would need to attend one of these auctions to be able to bid on one, and even then, a lot of times you have to be a licensed dealer to participate. Check on the local regulations and restrictions on the auto auctions in your area.
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay…
Your car was repossessed after being six months behind and then you get a call from the car dealer after two years trying to repossess the car are you still liable?
How can you get your car back if you paid the car loan off but haven't paid the interest that occured over the years off and they still came and repossessed your car?
I can can be legally repossessed no matter where it goes in the USA. As long as the repossessor can find the car and identify it as the one to be repossessed. It may not be cost effective if it is a long distance unless the vehicle is of greater value than the cost of returning it and paying someone to do that. They can also wait until you return.