no, they will sue you for the balance owed after the sale
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.
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.
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.
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.
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.
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.
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.
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.
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.
When the car is repossessed.... you have a certain number of days to redeem your car. If you don't redeem the car, you will have 30 days in which to get your personal items from the company BUT the car will be auctioned off... for a lower amount than what is usually due ...this will leave balance that is called a deficit balance. The company will then add all expenses to this balance and then take legal action. (Expenses added--- tow truck, car lot fees-daily) to store the car, cleaning up the car, new plates if needed, and insurance) If you don't take the steps now to keep this car, you can get garnished and ruin your credit for a very long time.
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.
Not at that stage of the process. Once the car is repossessed, it will be sold at auction for whatever amount it goes for. Usually very little. Then the creditor will apply that amount less fees (usually exhorbitant) to the amount owed and sue you for the balance. If the creditor gets a judgment for the difference, then it can levy upon your IRA.
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
Yes. Once they sell your car after ropossession, they can garnish your wages, for the rest of the balance owed.
The term finance refers to the amount of expenditure versus income a individual or a company has. A company usually hires a professional to look into the finance accounts and to make sure that the income is greater than expenditures, for otherwise the company would be making a loss.
Im going through the same situation. The credit company called me and said I owed a certain amount in order to get this off my credit. The problem I have is I dont have the pink slip and they think they repossessed my car when acctually I still have it.
YES, after they get a judgment for the amount still owing on the contract. That amount can be applied as a lien against other property you own.
Accounts payable on the balance sheet is the amount of money the company owes its vendors from invoices the company has received from them (and assuming the company agrees they owe the money)
The outstanding balance is very simply the amount of debt that you have charged on the credit card. You owe that amount to the credit card company.
The 'balance' of his statement is the monetary value of his account with the credit card company. In this case it is the amount he owes the company.
Accounts payable is a credit balance, because that is how much you owe to another company. Accounts receivable (the amount you will receive from another company) is a debit balance.
When your car is repossessed, they sell it for what they can get. Value has nothing to do with what price it brings. They simply get what they can. You are then responsible for the difference in the amount they sell the car for and the balance on the note. Your credit is then ruined for 7 years. This is why having a car repossessed is a horrible idea, and should be a last resort.
Auto dealers would normally offer you a Guaranteed Asset Protection plan attached to your amount of the auto. This GAP is technically insurance of your asset, the car for payment of the remaining amount owed the finance company after the regular insurance pays their amount.
We need a few more facts before an answer can be given. Is this happening or is someone from the lending company making this threat? Also just because someone sues you for a large amount doesn't mean they will get that amount or anything close ....or anything at all. What was interest rate on your loan?