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Can wages be garnished for the balance of car loan if the vehicle was turned in for repossession in Maryland?
Wiki User
∙ 12y ago
Yes. Even though the vehicle was repoed, they could take you to court for the remaining balance, or what they didn't recover through resale of the vehicle. You would be notified that you are being sued, and have the opportunity to go to court in your defense. If the court finds in favor of the lender (which they generally do), you could have your wages garnished. That may be the point where you have to decide if bankruptcy may be right for you. Bankruptcy would stop those proceedings and keep your wages from being garnished.
Wiki User
∙ 12y ago
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Do you still have to pay on a loan after your car is repossessed?
Yes, provided there is still an outstanding balance after the repossession and resale are completed. This is the case in most situations, due to the added cost of repossession, storage, and transport of the vehicle that will be assessed to you. If it remains unpaid, the lender may (likely will) file legal actions against you to recover the balance.
If you make one payment when payments are behind can this stop the repossession?
Check your loan contract, but in most cases (99.99%) if the payment does not represent the total past due amount, or if you do not have arrangements with the lender setting asside repossession actions in lieu of payment arrangements, no; one payment toward a past due balance will not stop or delay repossession of the vehicle.
How long do you have to pay off the remainder of the loan balance if you car is repoed?
The contract should include the applicable terms in case of a repossession. If there are no specifics as to the action, the laws of the state in which the vehicle loan was granted apply.
What is a writ of repossession?
You are likely thinking of a writ of REPLEVIN. It's a Court Order for the vehicle to be served on the customer for the vehicle.
Can you file for bankruptcy with a repo on your credit?
The fact that you have a repossession on your credit report is not a determining factor of whether your can file for bankruptcy. Generally in bankruptcy you can remove the debts from the repossession of your vehicle.
What is a deficiency balance for repossession Louisiana?
The deficiency balance in every state as relates to repossession is the outstanding balance of the original principle plus fees accrued by the repossession process that remain after the resale of the repossessed vehicle.
Can your wages be garnished for an auto lease repossession in Florida even if the leased vehicle has been turned in?
Yes, if there is still an amount owed.
Can your wages be garnished for the repossession of a vehicle in Louisiana?
If the lender decides to sue the borrower and wins a judgment, the judgment can be executed as a wage garnishment
If you retrun a car the is being repoed will your wages still be garnished?
If the lender has obtained a judgment against you, and garnishment has begun, yes. The lender will continue to garnish your wages until the balance of the debt is paid. This could include the remaining balance after the vehicle was sold at auction and all costs, interest, and penalties incurred by the repossession.
Can your income be garnished for a vehicle repossession in Mississippi?
If there is an outstanding balance regarding the original loan amount after the vehicle is sold at public auction the lender can file civil suit against the borrower/debtor. If the lender is awarded a judgment it can be executed as a wage garnisment or other methods of recovery of monies owed as allowed by the laws of the state.
Does gap insurance cover a repossession?
Gap insurance only pays if the vehicle is totaled in an accident or stolen and not recovered. It does not cover the deficiency balance after a repossession sale.
How does the remaining balance in a vehicle repossession case get solved?
Once the vehicle is repoed, if it is not redeemed, the vehicle is sold at auction. This purchase price is applied to the debt. The problem is, the repossession procedure can add much more to the balance owed. So, there is likely to be a remaining balance, and it could be higher than was originally owed on the loan before the vehicle was repoed. In cases where a balance remains, the lender may decide to take legal action and sue the borrower.
Does the lien holder have to hold your motorcycle after repossession?
After repossession, the lien holder or agent sends information on how to reclaim the vehicle; if the owner does not respond or cannot repay the outstanding debt, the agent removes all personal belongings and sells the vehicle at auction. You will then be liable for the difference in what it sells for and the balance on the loan plus repossession fees.
Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
What are car repossession laws in Missouri regarding notification to auction a vehicle?
what are the legalities of voluntary vehicle repossession
What are the laws for vehicle repossession and the recovery of personal belongings in Maryland?
IN ANY STATE YOU MAY GET YOU THINGS AT THE TIME OF THE REPO OR YOU CAN GO TO THE YARD AND HAVE SOME ONE HELP YOU.
Liability of debtor after vehicle repossession in state of Texas?
The debtor is liable for the payout balance of the vehicle less resale amount. Additionally, he must pay any repossession fees, storage fees, transportations fees, interest from the lender, and penalties. In the evnet these are not paid, the lender will have no other recourse but to sue for the balance along with court costs, and legal and collection costs and fees.
