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In MOST cases, YES.

PS. Its not the "value claimed", its the diiference between what you owe and what the lender sells it for.

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โˆ™ 2015-07-15 21:29:13
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Q: Can the difference in money owed and value be claimed from you after having a car voluntarily repossessed?
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How does voluntary repossession work on an RV in NC?

Instead of having it forcibly repossessed, you call your finance company and tell them you're voluntarily having it repossessed. They may send a tow service to collect it, or they may ask you to take it to the repossessor. It'll be repossessed, auctioned off, and the amount they get from the auction will be deducted from the amount you owe. The finance company may offer a settlement at that point for an amount less than what you owe on that vehicle - that's up to the finance company.


If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?

yes


Is having your car repossessed a class three felony?

no


Can your car be repossessed due to no registration?

No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.


If a mechanic has a mechanics lien on your car will this prevent the finance company from repossessing your car or prevent you from voluntarily having car repossessed?

No, what will happen is this: the finance company will pay off the mechanics lien (usually) and tack that on your loan balance, it would be considered a repo fee.


What happens to your credit when you give a car back to the bank?

You are not giving it back to the bank, you are having your car voluntarily repossessed. It ruins your credit for 7 years. Which may sound like a bad thing, but in reality will keep you from buying more car than you can afford for the next 7 years, which is a good thing. Remember if you do this, you will still be responsible for the difference in what the bank sells the car for, and the balance on the loan.


If your driver's license is suspended can your car be repossessed?

Not for simply having your licence suspended. Now, if you lose your job as a result of it, and are unable to make your car payments, then it can be repossessed for nonpayment.


What is the meaning of claimed?

Claimed is the past participle of verb to claim. Examples related to its use: I claimed their attention; we claimed the acquaintance with someone; having claimed a privilege; Have you already claimed your baggage? The damages are being claimed by the victim of the dishonest transaction. The epidemic claimed hundreds of lives. The people claimed their due. She claimed to be innocent. They claimed the money back from the bank.


Does having the title to a repossessed truck give you any legal rights?

NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL


If you are a senior and thinking about having your car voluntarily repossessed and your daughter would then give you her car as a gift will the finance company have any rights to the second car?

No. As Stated They Would Have To Have A Lien On The Gift(Car) They Can Seek Judgement For Balance On Debt. The Car Is Yours They Have No Control Over Any Gifts You Recieve. GOD BLESS


How do you edit your business on local.answers.com after having claimed it?

The answer to how you edit your business after having claimed it really depends on what you are doing. For example, is it for the phone book, a website, a search engine? It's for local.answers.com. This website.


In Virginia can a credit company repossess your car and still demand the money owed above the value of the car?

When your car is repossessed, they sell it for what they can get. Value has nothing to do with what price it brings. They simply get what they can. You are then responsible for the difference in the amount they sell the car for and the balance on the note. Your credit is then ruined for 7 years. This is why having a car repossessed is a horrible idea, and should be a last resort.

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