A lien means that money is owed on your vehicle. If there is no more money owed, then there is no longer a lien, and the vehicle cannot be repossessed.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
Yes, you can. Alot of times they will work with you. They don't want your car, just your money!:)
A debtor is someone who owes money to you.
A debtor owes money.
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.
It means the bank, or whoever loaned you the money for the car, will send people out to take it back.
A debtor is someone who owes you money. A creditor is the person that lent the money.
If you kept the repossessed vehicle, the lender could reposses it again and sell it. If this was just a contract to repay the debt, they could sue for money damages just like it was a promissory note.
debtor is you lent money to and creditor is someone own you money
No. They can repossess their collateral (the car which was repossessed), and they can send a collection agency to hound you for money, but they can't confiscate your property.
A creditor is someone YOU OWE money to. A debtor is someone who OWES YOU money.
I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.
A debtor owes someone else money. A creditor is owed money from someone else. So, a debtor owes a creditor. Or, a creditor is owed by a debtor.
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
They might be able to garnish your payments for the money that you owe them , but nothing more since vehicle has been repossessed.
Must provide debtor with a 14 day notice to cure. Allowing debtor to pay all back money owed. Repo must be peaceful aka no enrty to a home no public disturbance ect. Creditor must hold vehicle 14 days after repo to give debtor opportunity to pay missed payments and fees associated with the repo. Creditor must provide debtor with notice of intent to sell vehicle. Any proceeds of sale go to pay the balance of the loan. Licsense plates and personal property remain with debtor
When Martin borrowed money from Sally, Martin became Sally's debtor.
This is best answered by referring to the language of your private sales contract.
That is not possible to recover money that has been invested into a car that has been repossessed. Usually there is a 10 day grace period to recover personal possessions from within the vehicle. If you want to recover money invested into the auto, try to get the vehicle back from the bank. Good luck!
The general term is debtor, as in debtor nation.
Yes they are. A debtor owes you money - so they are an asset rather than a liability
Normally the answer would be no. They do however have to make the vehicle serviceable. Repossessed vehicles are something I would stay away from. Do you think a person who cannot make the payments on a vehicle is going to spend money on maintenance? I am sure some do, but the odds are against it. The lender is going to sell the car for whatever he can get. He is then going to sue the previous owner for the deficiency. So there is no real incentive for the lender to put any more money into the vehicle than they have to.