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Can you avoid having a vehicle repossessed if you pay the amount that is due in full and keep future payments current?
Wiki User
∙ 17y ago
Yes. If your balance and payments are current no repossession can occur. However, the amount due is generally not just the amount of payment multiplied by the number missed. The amount due would likely have late fees, interest charges and possibly other costs incurred too. That would be completely up to the lender. Once a contract is defaulted the lender has no legal obligation to agree to other terms and may repossess the vehicle and/or take any other action allowed by the laws of the borrower's state to recover the debt.
Wiki User
∙ 17y ago
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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.
Does bankruptcy cover the amount you are upside down on a vehicle after it has been repossessed in Colorado?
It can.
Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
After filing chapter 7 you did not reaffirm your car loan what happens now?
2 factors: 1. Are you current on your payments? - if you are not current on your payments the creditor will most certainly repossess your vehicle. however you will not be liable for any deficiency amount. 2. Who is the creditor? - Most creditors will gladly continue to accept payments on the vehicle and not repossess it. however some creditors such as Ford Motor company will repossess regardless of whether or not you are current.
If someone made payments to purchase vehicle then changed their mind are they entitled to a refund of payments?
Most states do not have a cooling off period. Witch means that if you buy a car and then change your mind you are still responsible for making the payments. If you fail to make the payments your vehicle will be repossessed and sold to satisfy the lean holder. So no you will not get your money back, in fact you may have to make up the difference if the car sells for less than the loan amount.
Can a lien be placed on a home if the owner owes a loan deficiency amount when a vehicle is repossessed?
Yes.
Do most finance company allow you to pay the late payments and then continue with the agreed contract if the vehile was repossessed?
If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction. Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.
When arranging payments on a vehicle that you surrendered who sets the amount on what you pay monthly?
The same one who set the payments when you got the loan, the LENDER.
Will gap insurance help if your car is repossessed in Arizona?
WHAT "GAP" does it cover?? The gap between your down payment and what the car is worth or the amount you lack to be current with the payments? Read your "GAP" ins. contract to be sure of the coverage. I've never heard of it covering a repo.
Can a lender continue reporting late payment when th vehicle is already possessed and sold?
Yes. When a vehicle is repossessed, the lienholder has to try reclaiming what they can of the loan that was made for the vehicle. A repossessed vehicle typically gets sold at wholesale auctions, and the amount paid for it is typically substantially lower amount than what's owed on the lien. You as the lessee are still liable for the remaining balance owed on the vehicle, plus the fees for repossession, storage of the vehicle, auction fees, etc.
Why would you get a refund for overpayment on a repossessed car?
When a vehicle is repossessed, it will eventually be sold at auction. Occassionally, the amount received from the sale is greater than the balance owed. On these occassions, the excess is sent to the debtor.
What is Missouri Law for paying off repossessed cars?
The laws for all US states are much the same. In MO. when a vehicle is repossessed by the lender due to a default in the terms of the contract the lender is required to sell the vehicle at public auction for the amount closests to its assessed value. If there is a discrepancy in the amount for which the vehicle is sold and the balance of the loan, the lender may pursue collection for that amount in the manner the law allows, which can include a lawsuit.
