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Can the finance company sue you for the whole amount of the loan if they have the repossessed property and have not sold it yet?
Wiki User
∙ 15y ago
It may depend on how long they have tried to sell it for. They may or may not be able to. I suggest you contact a lawyer in this field and ask it should be free for this.
Wiki User
∙ 15y ago
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When a car is repossessed does the finance company have to sell it for the amount it is worth?
no, they will sue you for the balance owed after the sale
Are you likely to have to pay the balance if the finance company cannot get full amount for the repossessed car and how much does it hurt your credit?
The lilelihood is very good, almost certain, you will have a balance due after the sale. The only way they could get the full amount due is IF you had made a HUGE downpayment. You will have a repo and a judgment on your CR IF you don't pay any deficiency balance.
What is the difference between a service charge and a finance charge?
A service charge is typically a charge for a specific action that a company performs on an account or an order. A finance charge is an amount of interest that is charged on an amount of principal owed by a customer.
Can a finance company repossess a car if more than half has been paid?
They can repossess with any amount owed if unpaid.
Can the finance company still charge finance charges after repossession?
After a repo the loan holder will sell the vehicle at auction and any amount you owe less the sale price is your responsibility. Interest on that amount is usually negotiatable and will be waived if you pay any shortage.
When a car is repossessed does the finance company have to sell it for the amount it is worth?
no, they will sue you for the balance owed after the sale
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.
Do you have to pay the whole vehicle off if it is repossessed?
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
If two people buy a property as joint tenants and finance it through a mortgage company and one of them dies who does the deceased property pass to?
The survivor is automatically the owner of the property and is responsible for the full amount of the mortgage.
Can you sell your car after the car has been repossessed?
No. A car is repossessed because you failed to finish paying for it. Since you never fully paid for it, it's not yours. No. You do not own the car once it has been repossessed. To sell the car you would need the title, which is in the hands of the finance company. After a repossession, usually 30 days later the finance company places the car in an auto auction. There it is sold to the highest bidder. In the rare case that the net proceeds from the sale exceed what you owe for the car (plus interest, penalties, repo fee, etc.) the finance company has to send you a check. If you can redeem the car by paying the full past due amount plus interest before they place it in the auction sale, then you can sell the car.
Your car was on a buy back list because of problems Before the buy back could go through your car was repossessed What are your options?
Then the car was never yours - it 'belonged' to the finance company until you have paid the full amount. When a person buys something they pay the seller the purchase price - you didn't pay that money, the finance company did, so they were the buyer and you were using it with their permission until you paid the price to them. The finance company will benefit from any transactions concerning it.
If your car is repossessed in Montana and you pay the finance company the total amount you owe in full plus whatever fees are they required to return the car?
If they take the money then yes however they have the right to refuse the payment since you are in violation of the loan agreement.
Can you still owe money after your motorhome is repossessed?
Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.
Im storing a motorcylcle for an ex- friend that needs to be repossessed will the finance company pay for storage?
if you are an individual simply storing it in your garage, good luck. However, if a business, such as an auto repair shop has the item, the company will likely nweed to pay them the storage fee and tack the amount onto the repo charges
What is financial losses?
The financial lose means the losses of property. To know about the finance and economics on online global finance school is very helpful and best of all. You can learn about finance as a student with a huge amount of book , the global finance fill up your thirst property. It is a online school good for learning finance very well.
In Texas can a finance company sue and get a judgment for fifty thousand dollars over a repossessed car that was purchased for ten thousand dollars?
We need a few more facts before an answer can be given. Is this happening or is someone from the lending company making this threat? Also just because someone sues you for a large amount doesn't mean they will get that amount or anything close ....or anything at all. What was interest rate on your loan?
To what does the grouping term finance refer?
The term finance refers to the amount of expenditure versus income a individual or a company has. A company usually hires a professional to look into the finance accounts and to make sure that the income is greater than expenditures, for otherwise the company would be making a loss.
