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Can a car be returned to the owner after it has been repossessed?
Wiki User
∙ 18y ago
Yes. Provided that all stipulations given by lender have been met. In other words, the bank may allow the vehicle to be redeemed after account has been paid off or has been caught up. Banks are usually required to wait a certain amount of time before liquidating the collateral. In AZ, it is 10 days. If the lender has waited the required amount of time and then decides to sell the collateral, it wil be sold and the proceeds will go towards the owed amount. If there is a deficiency, the debtor will still be required to pay the deficiency. In other words, if the loan balance is $10,000.00 and the collateral nets $8,000.00 the debtor will still owe $2,000.00. That is called deficiency. In the case of surplus, if the balance on the loan is $5,000.00 and the collateral nets $6,000.00 the lender will owe the debtor $1,000.00 It is best to check with your state's government to see what rights and laws apply to you in your state.
Wiki User
∙ 18y ago
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What has to happen before a creditor can have your care repossessed?
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
What does repossession of car mean?
When a car is repossessed it usually means the owner is no longer able to make the payments. It is repossessed by the dealer or the bank in which to owner has the loan through.
Can you get your car back after it has been repossessed in the state of Iowa?
Yes, there are some instances that a person can get a repossessed car back in the state of Iowa. If the person pays all the money owed plus a repo fee, the car may be returned.
Can you be held responsible for repossessed car if co owner had possession of car?
yes you will be responsible.
Can a car be repossessed if the owner dies before the first payment is due?
The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.
Can a car purchased and registered in Florida be repossessed in Georgia and returned to Florida?
Most definitely.
When a car is repossessed what do you do with the insurance?
When a car has been repossessed the person paying the insurance should cancel it.
If car is repossessed does the owner have to still pay original cost of car?
In most cases YES
Why can you repo a car but not plumbing?
A car is "moveable" property which can be seized and returned to the lender.. Once plumbing is installed it is "fixed" property and although it cannot be repossessed and removed, a lien can be filed against the property owner in whose building it is installed.
Who is responsible for hail damage that happened while a car was repossessed?
The owner of the car listed on the insurance policy.
Do you have to pay the whole vehicle off if it is repossessed?
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
Who is responsible when your car is being repossessed in Pennsylvania?
The owner of the car (person(s)) who took the loan on the car are responsible
