What happens is this, the vehicle gets repo'd. You still owe the deficiency after the vehicle is remarketed. The bank will take you to court for the deficiency. If you do not pay the deficiency if you are ruled against, they may garnish wages by court order. It takes legal action for wages to be garnished.
First off you will be required to pay the repossession fees unless you voluntarily turned the car in. Secondly you will be required to pay the deficiency. The deficiency is the difference in the amount the lender sells the car for and the amount you owe. Let's say you owe $10,000 and they sell the car for $8,000. That leaves you owing the lender $2,000. Thirdly this repossession will be placed on your credit report and will stay there for 7 years. Repossession should be the last resort after you have talked to the lender and done all you can to avoid this. Sell the car to another individual even if you have to sell it for less than it is worth, then pay the lender the deficiency out of your pocket to avoid repossession. Have someone take over the payments. Whatever it takes to avoid this.
A car owner has to pay impound and storage fees after repssession because that was their car. The bills are left to the car owner, no one else is going to pay their bills.
Pay it off, or, make some sort of deal with the bank to get caught up,
If a repo order goes out. The agent picks up the car and then you go and pay it off. Yes, then can still collect his fee from you or the bank because the agent did preformed their job. If the bank pays the bill they will just add it to the final pay off.
Pay the debt.
Yes, you will have to pay the deficiency plus repossession fees. Your obligation was the balance on the loan no matter what the car actually sold for. If you do not pay they will sue you and you will loose in court.
After a repossession, you will need to pay a fine usually. For example, if this was a car being repossessed, you would have to pay a certain amount to get it back.
Of course, call your bank and pay them what you owe and they will let you have it back as long as you have not waited so long that they have sold it to someone else.
If they have a deficiency judgement, generally because the repossession did not develop enough money to fully pay them the amount you owed, that amount is still your debt and responsibility. Like any creditor, liening assets you have is one of many methoids of collection or assuring payment they have.
Neither are good. Call the lender and work something out. a repo is a repo by any standard ,they will sell the unit and go after you for the deficiency no matter what.it will be on your credit as a repo. You will not have to pay the towing and fees associated with the repo. That is the only difference.
nothing pay your money
pay what you owe
No, you have it wrong. The repossession guys found THE BANK'S car. Once the bank takes the right paperwork to the court, the vehicle is no longer yours and you have no rights to it. The bank may have hired a private investigator to find the vehicle, especially if there is enough value that they want to pay off some of the loan.
Pay the bill and fees to get your car back. If you can't afford it, your bank will auction the car and you will pay the difference between what they sold it for and your loan. Your credit is also ruined, it will get better in 7 years.
It could depending on the rules of your city manager.Usually repossesions are limited to those who do not pay the monthly premiums to the bank to cover the promissary note you signed to purchace the car.
Pay off the loan.
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
Only after a cort judgement, then yes it can. It is better to pay what you said you would then add the costs of the repo and judgement. They can easily double your costs!
IT DEPENDS IF IT IS BUY HERE PAY HERE OR A BANK REPO BANK REPOS YOU HAVE 15 DAYS TO PAY THE CAR OFF IN FULL AND 30-60 DAYS TO RETRIVE YOU BELONGINGS OUT OF THE CAR. BUY HERE PAY HERE LOT WILL GIVE YOU YOUR CAR BACK AS LONG AS YOU PAY THE REPO CHARGE AND YOUR BACK PAYMENTS
Pay the past due amount on the loan or pay the loan in full. In the event you are able to do this, it is a good idea to have the lender contact the repossession agency to cancel the repossession while you remain on hold. If you fail to do this, it could take several hours for them to notify the repossession agency, and your vehicle could still be taken.
Pay the money you owe
Yes. All you have to do is pay your bills.
If you max your credit cards out and then don't pay, the companies may take legal action against you. They can sue you and attach your bank accounts to recover their money.