answersLogoWhite

0


Best Answer

YES, read your contract.

User Avatar

Wiki User

โˆ™ 2015-07-14 16:09:26
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
5.0
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
1 Review

Add your answer:

Earn +20 pts
Q: Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

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.


Can you still owe money after your motorhome is repossessed?

Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.


How can a person find and buy repossessed cars?

Repossessed cars are usually auctioned off in the county they were repoed in, you can also try this link to help find repossessed cars, http://ultracarfinder.com/


Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?

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).


What will happen to a car once it is repossessed?

It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.


What happens to cars that have been repossessed but not auctioned off yet?

They are impounded until further action is taken


How can you find out where your repossed vehicle is being auctioned at Too try an buy it back?

Bank or loan company who repossessed it.


Are there laws that govern how much a consumer can be liable for after a repossessed vehicle has been auctioned?

As a rule of thumb, you will owe the difference.


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.


Can the bank come back to you for the difference of the loan after the car has been repossessed and auctioned?

yes they can...but it also depends on state laws too


Can they make you pay the difference between what the car brings and the amount you owed if your car is repossessed and auctioned in Arkansas?

YES, read the contract you signed.


What happen when you not payment of loan?

The collateral you put up for the loan will be seized (which may be done by repossession, foreclosure, simple forfeiture of ownership.. all depends on what it is, exactly), and then auctioned off. You will still be liable for any remaining balance once the collateral is auctioned off. Creditors may use collection agencies or even the courts to collect that debt.

People also asked