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Can a lender charge you interest in Illinois on the remaining balance of a car repossessed?
Wiki User
∙ 13y ago
The lender can charge you interest on the LOAN, as long as it is not charged off. Once the loan is charged off, the account is essentially closed. It is at this point that they will begin legal proceedings and the big charges are added to the balance: court costs, legal fees, collections costs. And these do not stop mounting after the judgment is granted. It just keeps going.
Wiki User
∙ 13y ago
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Can you go to jail if you do not pay all of the remaining balance after a repossessed car is sold?
NO, there are no more "DEBTORS PRISONS".
My car was repossessed and now they want me to pay for the remaining balance on the loan and I can not afford it. What can the lender do legally to get payments in the state of Pennsylvania?
no
If your car is repossessed are you responsible for the balance after they sell your car in Illinois?
You are unless it's a TITLE LOAN, they usually write it off.
Can you pay off a loan ahead of time and save interest charges?
It depends on the type of loan. Most mortgage (home) loans are of a type where the interest you pay is on the "remaining balance". It stands to reason therefore that if you reduce the remaining balance the interest will be calculated on a smaller balance and therefore be a smaller amount.
Can you sue a co-debtor for the balance remaining after your repossessed car was sold if the co-debtor was declared responsible for the debt by the court but never paid?
Yes, you can sue a co debtor for at least half of the remaining balance. You would owe part of it as well.
If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
Can you go to jail if you do not pay all of the remaining balance after a repossessed car is sold?
NO, there are no more "DEBTORS PRISONS".
Where do you stand if repossessed truck is sold for less then the loan?
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
My car was repossessed and now they want me to pay for the remaining balance on the loan and I can not afford it. What can the lender do legally to get payments in the state of Pennsylvania?
no
What happens if you can't pay any remaining balance on a repossessed car and do not have a job?
The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.
If your car is repossessed are you responsible for the balance after they sell your car in Illinois?
You are unless it's a TITLE LOAN, they usually write it off.
Can you pay off a loan ahead of time and save interest charges?
It depends on the type of loan. Most mortgage (home) loans are of a type where the interest you pay is on the "remaining balance". It stands to reason therefore that if you reduce the remaining balance the interest will be calculated on a smaller balance and therefore be a smaller amount.
Can you sue a co-debtor for the balance remaining after your repossessed car was sold if the co-debtor was declared responsible for the debt by the court but never paid?
Yes, you can sue a co debtor for at least half of the remaining balance. You would owe part of it as well.
Can a lender charge you interest in Michigan on the remaining balance of a car repossed?
It is still a loan. as long as you owe, interest accrues.
Is it possible that if someone buys a car and then gets it repossessed while still owing money on it for the people you bought the car from to sue you?
yes, unless they get the balance owed. If not they will sue for the remaining balance between what is owed and what they get from the resale.
If your car was repossessed and the balance is still 9760.61 but over the length of the loan of 72 months you were to pay 10967.78 in interest do you still have to pay if it is all interest?
Yes. Some is likely repo fees.
What happens if you haven't paid the remaining balance after the repossession?
"remaining balance" as in what you are behind OR the remaining balance due on the loan??
