answersLogoWhite

0


Best Answer

YES, its an accounting thing. READ your contract.

User Avatar

Wiki User

โˆ™ 2015-07-14 16:09:24
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: Can a bank do a repossession and charge off on your car and also demand payment of balance after selling the repossessed car?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What are the car repossession laws in Ohio?

In the state of Ohio, your car may be repossessed if you miss one payment. Your car may be taken any time of the day or night by the repossession company. The repossession company is not allowed to keep any items that you may have left in the car. The company must inform you as to what they are going to do with the car, including selling it, putting it in a car auction, or keeping it.


Can a debitor make you wait 5 days to recover repossessed car?

If you pay by cheque, yes he can make you wait until your payment "Clears"Every State and Provence has the repossession rules posted on the net, check yours carefully, it is likely he is actually selling your car and keeping the extra to cover the shortage on the note. And that might be fraud.


If a car is repossessed does the loan still have to be paid off?

Yes. The car will be sold at a public auction and the borrowers will be responsible for any difference between the selling price and the loan balance plus the allowable repossession and other fees. The lender is legally required to make a reasonable attempt to get the fair market value of the vehicle, unfortunately this does not always happen and that sometimes leaves the borrowers with a substantial amount of debt to repay.


How long can they keep trying to collect on a repossession?

Peggy, the lender got a judgment against you for the Unpaid Balance after selling the car. That judgment becomes a sellable item. Agencys and attorneys and LARGE companys BUY the judgments before SOL runs out and tries to collect.However, some agencys try to collect even when its no longer possible. Verify that they are legit before you make any payment arrangemnets with them.


If you lost your job and can not afford to pay your car payment can you return the car?

That is a voluntary repossession...not a good idea in the long run. The bank will wholesale the vehicle at an auto auction, apply the proceeds (less selling expenses) to the loan and you still owe the balance. Plus it goes on your credit report. If the car has a retail value in excess of the loan balance, you will be far better off selling the car yourself and paying off the loan. You still have no car...but no car payments and no bad credit report. Even if the car is worth slightly less than the loan balance, you'd come out thousands ahead if you sell it and find the rest of the money to pay off the loan.


How do you say the money you get for selling something?

"The money you get for selling something" can be expressed by using the words "payment", "revenue", or "proceeds".


If you let your mobile home be repossessed what effects will it have on your credit and can you be sued?

Repossession of any chattel (boats, cars, anything) will adversely affect your credit, so you may not be able to establish new credit for a few years. If you promised to pay for something, and you didn't, the general answer is that the agrieved party (lender in your case) can sue to recover the amount you owe, less the amount they recover by selling the repossessed property, plus interest, fees, attorneys fees and court costs.


Do still own the car after a repossession?

Depends. Are you receiving the car or are you selling the car.Repossession = againRepossession = ownershipRepossession = gaining ownership again


Why online selling is not getting a good support from malaysian?

1. Payment issue,online selling required electronic payment like credit card 2. Internet usage, most of the Malaysian do surfing in internet cafe 3. Online selling does not able do comparison


What can you expect the down payment on a mortgage to be?

from 10% to 40% of the selling price of the home


How much of a car repossession is taxable?

One consideration would be that cancellation of a debt becomes income, and is taxable. But a repo isn't a cancellation of debt, it is a payment by selling the asset. However, as you can find in many discussions here, if your repossessed and the sale of the property does not return enough funds to fully satisfy the debt, the deficiency is normally not forgiven. Instead you remain owing that amount and the lender will presumably continue to try and collect it. Hence, the sale as an exchange of value isn't a cancellation of debt, and there likely isn't any even if there is a deficiency. No tax consequence.


How do you buy repossessed tractor trailers?

Repossessed tractor trailers can be purchased from some tractor trailer dealers. If the rig was previously financed by a bank, the bank repossessing it will try to sell the tractor trailer to a dealer before selling it to the public.

People also asked