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In MOST cases, you are responsible for the BALANCE DUE. Read the contract you signed to find out more on it. It is NOT something you want to forget about. lenders do get judgments for the balance and do collect them.

Your responsible to pay back the loan, plus all accumulated interest, fees, costs of collection, etc., as that was all provided to you as terms of your getting the credit and loan you asked for. If the property is recovered, after all the additional costs of doing so, doesn't pay the amount provides less than the payoff, the rest is still entirely due and owed by you. It is just no longer secured by the property. Any excess amounts are returned to you.

In bankruptcy you may have a different result, with the excess debt being possibly discharged.

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โˆ™ 2015-04-21 19:03:57
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Q: Are you responsible for loan balances after repossession?
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Related Questions

Can you get a personal loan after a car repossession?

You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.


What does i8 rating on credit bureau mean?

i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).


If your car is damaged while it is being repossessed who is liable for the damages the loan company or the repossession company?

The LENDER is responsible for every detail of a repossession. They may pass the costs of repair on to the repo company.


Can a car repossession be removed from your credit report because another family member was responsible for the loan?

Nope, that is why you had to be co-signer. The bank was concerned that the loan might go into default and they wanted to be protected. If you took on the obligation you will be held responsible.


Is repossession of a leased vehicle the same as one you get a loan for?

In my experience, a lease and a loan repossession are the same - I had a voluntary repo where I brought the car back to them with keys, and just got a car with loan repossessed and they do the same process with both, and yes, you are responsible for paying any unpaid amounts. In my situation they were both sold at auction and I was responsible for the outstanding balances to pay off. I didn't see any difference in leasing or with loan to own. i am leasing a vehicle and today is the last day of my contract and i am over the mileage and the dealership charges 15 cents a mile after calculating it ends up being more than what the car is worth what should i do if i cant refinance it


How long after repossession can you get a car loan?

The repossession stays on your credit report for 7 years.


Does a spouse need to sign a loan modification if separated in GA?

If responsible for the loan- yes.If responsible for the loan- yes.If responsible for the loan- yes.If responsible for the loan- yes.


Who is responsible for damage to the yard during a repossession in Florida?

The LIENHOLDER is ultimately responsible for anything that happens during a self help repossession.


If two buyers are listed on car contract but no co-signer is listed will second buyer be responsible in repossession?

ANYONE who's name is on the loan contract is responsible for the debt. Who will sell someone a car and that someone NOT be responsible for paying?? NOT ME LOL


How can you stop a vehicle repossession?

Pay off the loan.


Can you be threatened with repossession for having been arrested?

You being arrested has no bearing on your loan. As long as you make the payments on time there will be no repossession. The loan company does not care if you are in jail as long as they get their money.


If you have a car repoed in South Carolina do you have to pay the remaining balance of the loan?

Yes. Additionally, you will be responsible for any late fees, repossession fees, storage fees, transportation fees, and legal fees and court cost incurred during the repossession process.


Is the surviving spouse responsible for outstanding debt on the voluntary repossession of a vehicle when they are a cosigner on the loan?

If there are payments outstanding, you, the co-signer, are responsible. That's the point of being a co-signer; you agree to pay the debt if the primary cannot.


Can your wages be garnished for your spouses repossession 6 years ago?

Brian, were you the co-signor on the loan??? Otherwise, NO. How could you be responsible for someone else's debt? YOU would have to sign the loan. Sounds like a collector trying to smoke ya...


How do you get out of responsibility for a loan if you are a cosigner?

The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.


If you voluntarily return a vehicle to the finance company are you responsible for the balance after the sale of the vehicle?

Yes, a voluntary repossession does not mean the buyer is not responsible for any of the remaining loan debt according to the original contract terms or for any additional fees.


How do you stop a repossession in process?

Pay the past due amount on the loan or pay the loan in full. In the event you are able to do this, it is a good idea to have the lender contact the repossession agency to cancel the repossession while you remain on hold. If you fail to do this, it could take several hours for them to notify the repossession agency, and your vehicle could still be taken.


How does one get a repossession off their credit report if they were not responsible for the repossession?

One will have to prove to the CB that one wasnt responsible. It will likely involve paying an attorney. Good Luck.


Can you got to jail for keeping a car from a title loan repossession?

yes you can


Can they repossession your car from a title loan?

Yes. They can! The car is their equity basically!


Can you still owe money after your car is repossessed?

Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference and will have to pay it.


What happens Repo car and can't pay the there lowest settlement price?

They will sell the car and you will be responsible for the difference in what the car sells for and what the balance on the loan is. You will also be responsible for any fees associated with the repossession. Also, your credit will be ruined for 7 years.


What happens if a co signer on a car loan passes away?

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Can a cosigner have their name removed from a loan if the co-signer is incarcerated?

No. The co-signer would be responsible for paying the loan.No. The co-signer would be responsible for paying the loan.No. The co-signer would be responsible for paying the loan.No. The co-signer would be responsible for paying the loan.


Is a repossession company in Michigan responsible for returning belongings?

The repossession company is not responsible for returning belongings. The repossession company is responsible for notifying you where you can pick up your belongings and at what times. Some companies charge you a storage fee or only give you a few weeks to pick up your belongings before they become theirs.