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Can a car be returned to the owner after it has been repossessed?


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2005-10-21 16:45:15
2005-10-21 16:45:15

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.


Related Questions

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.

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.

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.

When a car has been repossessed the person paying the insurance should cancel it.

The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.

The owner of the car (person(s)) who took the loan on the car are responsible

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.

I have a welding machine on the truck they repossessed can they keep that?

The owner of the car is the lien holder and that will be listed on the car's title.

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.

You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.

If it was repossessed legally then he is guilty of theft

The car can always be repossessed if the owner stops paying off the loan.

If it's the owner of your car loan and you defaulted then the car can be repossessed. If you have a judgment against you for any other debt then yes, if you own a car it may be seized by your creditor to cover the cost of your debt.

You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.

No, since the car is no longer considered "your" property.

if i get my car repossessed, can they put a llien on the house?

The former owner of the car, now still owner of the DEBT, gets to pay the debt. The leinholder will likely get a judgment for the balance due and proceed to collect. Uless your name is 'turnip", you will pay.

Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.

As a rule, YES. Read the contract you signed for more info.

Repossessors are supposed to notify law enforcement when they repossess a car.

No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.

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