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Can a deficient amount be eliminated and a credit report corrected if the owner was not informed of the location date and time of the auction?
Wiki User
∙ 8y ago
The deficiency balance left owing on a loan has no bearing upon an auction or a borrower's information.
If a consumer has to finance a vehicle, they are not "buying a car". A consumer signs a contract to borrow money which is secured by a car. This is an important point. It is also the reason that financers force borrowers to keep vehicles with an open loan fully insured. They know that if something happens to the car, most borrowers will not continue making payments.
Credit grantors want the terms of the contract to be fulfilled, regardless of the disposition of the vehicle. If a consumer borrows $20,000 for a car, pays $5,000 and defaults on the loan; the creditor will repossess the car and sell it at auction. If the car only brings $10,000 at auction, this leaves a $5,000 deficiency balance owing on the loan. The borrower is still liable for the balance owing. Such an account will rightfully show on their credit report.
After the car is repossessed, the borrower has the same options as with any other derogatory account. They can settle or pay the account in full, but it will continue to show on their credit for 7 years plus 180 days from the last time the account was paid as agreed.
Wiki User
∙ 8y ago
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