Can a car be returned to the owner after it has been repossessed?
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.
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…
If you returned the car to the agency in a legal fashion, then no. That is, if you simply forgot something in the car at the end of your rental. But if the car was repossessed from you due to criminal activity involving the rental car, that's something you need to talk to the police about. The police would have seized the car initially and impounded it. Anything in the car would have been considered…
If your car has been repossessed is any way to get your personal belongings from it or should you consider them gone too?
After a car is repossessed what happens to the owner of the car does he have to pay it off or what happens?
Your car was repossessed after being six months behind and then you get a call from the car dealer after two years trying to repossess the car are you still liable?
When is a repossession unlawful. my car has been repossessed 4 times in 2 months. each time before i can completely honor the agreement the dealer repose my car. i am making payments . and i do pay wh?
Payments must be paid on time when they are due. One must remember that it is not "your car" until it is fully paid for. Until then the outfit that lent you the money owns the legal title to the car. You are just the registered owner, not the legal owner. The legal owner has all rights to repossess the car anytime the payment is not made on time.