They will look to you for the remaining balance
Yes, a voluntary repossession does not mean the buyer is not responsible for any of the remaining loan debt according to the original contract terms or for any additional fees.
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 commission is received or paid and benefit of which has already taken by company then it is an expense or income of company and will come in income statement but if the benefits are already not taken then it will be asset or liability and will be shown in balance sheet.
If the finance company has sold it, you have you answer. How can you be so stupid?
What I know about this is that a mortgage company that forecloses your house has no right to get the remaining balance to you.
In a company balance sheet.In a company balance sheet.In a company balance sheet.In a company balance sheet.
While most creditors will allow you to have your vehicle voluntarily repossessed, some lenders will not accept them. Your best resolution in this case is to contact the finance company and determine why they will not collect the vehicle. Ensure that they are indeed accepting the voluntary repossession. You will still be required to pay the remaining balance unless you are told otherwise.
The company sponsors the charity drive, but participation by employees is voluntary. Some staff meetings are mandatory and others are voluntary.
Creditors are interested in balance sheet to check that how much money company has already taken as a loan from other creditors and how much assets are pledged and will company be able to return credit or not.
The company physically takes possession of the car. They sell the car, and apply the sale price to the outstanding loan. You are then responsible for the remaining balance.
if the company has overdrawn it balance that means the company ow the bank' in other words the company had made an overdraft, it is the liability to the company..