answersLogoWhite

0


Best Answer

The lilelihood is very good, almost certain, you will have a balance due after the sale. The only way they could get the full amount due is IF you had made a HUGE downpayment. You will have a repo and a judgment on your CR IF you don't pay any deficiency balance.

User Avatar

Wiki User

โˆ™ 2011-09-12 15:29:09
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
2.33
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
3 Reviews

Add your answer:

Earn +20 pts
Q: Are you likely to have to pay the balance if the finance company cannot get full amount for the repossessed car and how much does it hurt your credit?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

When a car is repossessed does the finance company have to sell it for the amount it is worth?

no, they will sue you for the balance owed after the sale


How does voluntary repossession work on an RV in NC?

Instead of having it forcibly repossessed, you call your finance company and tell them you're voluntarily having it repossessed. They may send a tow service to collect it, or they may ask you to take it to the repossessor. It'll be repossessed, auctioned off, and the amount they get from the auction will be deducted from the amount you owe. The finance company may offer a settlement at that point for an amount less than what you owe on that vehicle - that's up to the finance company.


Do you have to pay the whole vehicle off if it is repossessed?

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 the whole vehicle off if it was repossessed.


What happens if you can't pay any remaining balance on a repossessed car and do not have a job?

The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.


Can the finance company sue you for the whole amount of the loan if they have the repossessed property and have not sold it yet?

It may depend on how long they have tried to sell it for. They may or may not be able to. I suggest you contact a lawyer in this field and ask it should be free for this.


Why would you get a refund for overpayment on a repossessed car?

When a vehicle is repossessed, it will eventually be sold at auction. Occassionally, the amount received from the sale is greater than the balance owed. On these occassions, the excess is sent to the debtor.


Your car was on a buy back list because of problems Before the buy back could go through your car was repossessed What are your options?

Then the car was never yours - it 'belonged' to the finance company until you have paid the full amount. When a person buys something they pay the seller the purchase price - you didn't pay that money, the finance company did, so they were the buyer and you were using it with their permission until you paid the price to them. The finance company will benefit from any transactions concerning it.


Can a dealer sue me for money if he repossessed my car?

If the sale price he gets for it doesn't wipe out the amount owed, yes, he can attempt to get the balance from you.


Can you sell your car after the car has been repossessed?

No. A car is repossessed because you failed to finish paying for it. Since you never fully paid for it, it's not yours. No. You do not own the car once it has been repossessed. To sell the car you would need the title, which is in the hands of the finance company. After a repossession, usually 30 days later the finance company places the car in an auto auction. There it is sold to the highest bidder. In the rare case that the net proceeds from the sale exceed what you owe for the car (plus interest, penalties, repo fee, etc.) the finance company has to send you a check. If you can redeem the car by paying the full past due amount plus interest before they place it in the auction sale, then you can sell the car.


If your car is repossessed in Montana and you pay the finance company the total amount you owe in full plus whatever fees are they required to return the car?

If they take the money then yes however they have the right to refuse the payment since you are in violation of the loan agreement.


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.


Im storing a motorcylcle for an ex- friend that needs to be repossessed will the finance company pay for storage?

if you are an individual simply storing it in your garage, good luck. However, if a business, such as an auto repair shop has the item, the company will likely nweed to pay them the storage fee and tack the amount onto the repo charges

People also asked