Amount owed on vehicle- unless vehicle is damaged then they can auction to the highest bidder
you usually do. it happened to my brother.
After they repossess the vehicle they will sell it for whatever they can get. You are then responsible for the difference in what they sold the car for and the balance owed on the loan. If you do not pay this amount they will take you to court.
First subtract the amount owed on the vehicle from the value of the car. Sell the car for this amount, then have the buyer take over the loan. This involves paperwork with your current Dealership, DMV, and of course a bank or credit union.
The bank or loan company will sell the car for whatever the highest bidder will pay. The amount they receive will be deducted from the balance you owed on the car. You will have to pay that difference plus any repossession fees associated with retrieving the car from you. Your credit will be ruined for 7 years because you failed to honor the contract you entered into with the lender.
Sell or continue to make the payments. Do not let the car be repossed. This would hurt your credit and is the last thing to do.
No, they can't. They can put a judgement on your home, so if you try to sell it and do. They will get the money owed to them, and then you will get the rest. Yes, they can seek a garnishment for the amount. However, garnishments can be filed for your paycheck as well.
When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.
30 days and 20 minutes dude
Contact the bank for the payoff amount. Send them that amount and they will send the title. You can then transfer the title to the new owner.
Yes. A bank repossesses a vehicle for nonpayment. If your vehicle was taken for being on a public roadway and not having insurance, it was impounded. When a vehicle is impounded, a lien is placed on it by the agency which ordered the impound. The interests of government agencies override those of the bank, and they can sell your vehicle to recoup impound costs if you do not reclaim it within a specified period of time. In this case, the bank receives nothing from the sale, and you still owe the bank the remaining balance.
They take the car. The lending institution will take the car back, sell it at auction, then leave you responsible for the remainder of the debt, which you'll have to pay to the lending institution after they take you to court. As a suggestion, either pay for the car or sell it. You can sell it for far more than they'll get at the auto auction, then you'll have less to owe to the bank. Your car will be repossed and it will have a negative effect on your credit history for a while. * The vehicle can be repossessed and sold at public auction. The borrower will be responsible for the difference (if any) between the sale and loan amount plus the costs of repossession and other applicable fees. A repossession remains on a credit report for 7 years.
If you have a lien on your vehicle, you can sell it for any amount. The vehicle is still subject to the lien which means that the purchaser can lose the vehicle if the lien holder collects on it.