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Can a debt collector take you to court over a car repossession loan?
Wiki User
∙ 14y ago
Yes they can and yes they do. Often after the sale of a repossessed vehicle, there remains a balance due. Many debtors refuse to pay this believing the sale of the vehicle should be fair compensation for the debt. However, from the moment the contract is signed, the vehicle becomes simply a pawn in the game, a means to an end. That end is the loan contract. If the borrower defaults on the loan to the point that repossession becomes an option, the vehicle is only considered a means of recovering some of the balance owed. In rare cases, more than what is owed is obtained in the sale of a repossessed vehicle, and the debtor is due a refund of the difference. There are few debtors who would decline such. Why should the lender do so the other way?
Wiki User
∙ 14y ago
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Can your wages be garnished for your spouses repossession 6 years ago?
Brian, were you the co-signor on the loan??? Otherwise, NO. How could you be responsible for someone else's debt? YOU would have to sign the loan. Sounds like a collector trying to smoke ya...
Can a payday loan collector debt from a different bank account with out authorization?
The loan collector can collect from any account that you have provided access to.
Does the repossession debt get immediately charged off?
No, the vehicle will be sold at auction and after expenses are paid, any money left will be applied to the loan amount. You will still be responsible for the remaining amount of the loan. If you don't pay off the remaining amount of the loan, the debt will be turned in to a collection agency and possibly court action will be initiated.
If a debt collector puts a lien on your house does that mean your mortgage co forecloses your house?
It does not follow. The lien of the debt collector comes after the mortgage loan. Which means that the debt collector still may not be able to collect any money.
Can a debt collector legally come to my home or workplace?
Can a loan company come to your home to collect payment? Personal Loan...
Will an auto repossession affect your chances of getting a loan for graduate school?
Only if you are getting a private loan. If you get a government loan it will not affect it since they will only hold govenment debt against you.
Can a motorcycle be repossessed if the co-owner has a bankruptcy?
A motorcycle is considered a secured debt, meaning the cycle itself is the collateral for the loan. Bankruptcy temporarily halts repossession of a vehicle. In order to keep the vehicle the debtor must reaffirm the loan with lender. Be advised, all secured lenders can petition the BK court to lift the BK stay so that repossession action can continue.
If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?
Yes. If you default on your car loan you will remain liable for the debt.
Can a paid off car be seized for debt?
In some cases yes. If the vehicle was purchased using the same lender against whom you have defaulted with a different loan, and there is a remaining balance after the repossession of that property, then the court can order a Conversion of Collateral, and the paid off vehicle can be repossessed by that lender. Additionally, if the court chooses, real property can be ordered liquidated to pay a bad debt.
Can your car be repossessed if you have the title in your possession and the bank is not the lien holder?
Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.
Can you get a personal loan after a car repossession?
You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.
What does i8 rating on credit bureau mean?
i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).
