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After your vehicle is repossessed and the car has been auctioned off can arrangements be made for the remainder of the loan balance?
Wiki User
∙ 16y ago
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 absolve your financial responsibility to pay for the remaining parts of the lease.
Wiki User
∙ 16y ago
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Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
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.
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.
Are you still responsible to pay off the remainder of your car balance once it is repossessed?
YES. Read your contract.
You have one day before your car is repossessed is there any payment options?
Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no
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.
If your car gets repossessed and you choose not to pay for it can they take your tax return?
If the lender has placed a judgment against you for the deficit balance (balance left after the car is auctioned/sold), then yes in most states, they can take the tax return and apply it to the balance owing.
Is a cosigner liable for the balance of a repossessed vehicle if the loan company auctioned it without notifying them?
READ your contract you signed. Call a local attorney for state specific legal advice.
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.
How can I get my repossessed truck back in Indiana?
The only way to get a repossessed truck back in the state of Indiana is to pay the balance owed. Sometimes, you can contact the lender and make arrangements to get the truck back without paying the whole amount.
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.
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.
