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Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
Wiki User
∙ 9y ago
YES, read your contract.
Wiki User
∙ 9y ago
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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
Who is responsible for a property still in the foreclosure process once you vacate the premises?
You are responsible for the property during the foreclosure process up until the property is sold or auctioned.
If I am a cosigner on a car loan and it gets repo is the owner of the car responsible for the remaining balance after it is auctioned or is it the cosigner's responsibility?
Both are responsible until paid in full. It will also be on both credit reports as well.
If your car has been repossessed and you have not yet filed bankruptcy can you still be eligible to get the car back after you file?
If the car is gone, the car is gone. The car would only be covered in BK if you still had it. If you file Chapter 13 bankruptcy within 10 days of your car being repossessed, or in some states before it has been sold or auctioned, your creditor must return the vehicle to you.
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.
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.
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).
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/
What happens to cars that have been repossessed but not auctioned off yet?
They are impounded until further action is taken
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 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.
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
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.
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.
After your repossessed car is auctioned how long do you have to pay off what you still owe?
BAD news. They have already tried to let you make payments. This time they will want ALL of it.
