"remaining balance" as in what you are behind OR the remaining balance due on the loan??
Actually, it doesn't just come off your record. It will show as a repossession, but it will show as no balance due.
The second to last sentence should read - Never will a voluntary repossession cost you MORE than a forced repossession. A repo is a repo. Voluntary Repos will, in most cases, save you money due to the cut in fees associated with the repossession. In some cases these fees will not be any less and the cost of a voluntary repo and the cost of a forced repo are the same. Never will a voluntary repossession cost you less than a forced repossession. Either way, voluntary repossession is the decision I would make, due to the possibility of a lesser cost.
IF they have a JUDGEMENT for the balance due, they can garnishee your wages. Income taxes?? NO
DID the lender get a judgment for the balance due? Demand verification of the debt from CA. NO verification, NO PAY...
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.
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.
The lender will tell you the balance due to payoff the loan. YES, it wil most likely include interest. Read your contract.
It will fester like a throbbing red boil for 7 years. And you can be sued for the balance due as well.
The note was called at that point. You can either pay off the rest of the debt and try to get your car back or you are out.
No, if the vehicle is subject to repossession due to a default in the lending agreement, it is irrelevant whether or not the parent agrees to the action.
VERY MUCH affected. You AND Pop will be expected to pay the balance due after the lender sells the truck. Try to sell it yourself.
Is is common knowledge that the concept of repossession is the taking back of property by a lender or seller from the borrower or buyer, usually due to default.
On ANY repo, you pay the balance due AFTER the car is sold. Payoff = 5K, car sells for 2k, fees = 1K, you owe 4K.
Anytime there is a balance due, you can pay off that balance.
Contact the lender and make arrangements to pay the outstanding balance. You may be able to pay only the past due amount. Once this is done, they will likely release the repossession agency to let you claim it. Keep in mind that you may have to pay storage fees to the repossession company before you can take your property back.
They would normally send you statements reminding you that your balance is past due, and the vehicle could be repossessed if the matter isn't settled. The creditor normally won't inform you of when the order for repossession actually is sent out, and you won't normally be informed that your vehicle is being repossessed until the repo man shows up to claim it.
Yes, but it depends on what stage of repossession your in; this includes past due payments, current balance, days last paid, bankruptcy, charged off or defaults, and also many other factors. The easiest way to find out is to ask them. Beware, they may say that you are safe for repossession but still send your account into collections.
it reduces the balance due.
A repossession can drastically hurt your credit score. The repossessed account may report late payments (30, 60, 90 days late), a pad due balance, and a charge-off. A repossession can lower your credit score anywhere from 30 to 200 points depending on the other accounts reporting on your credit report.
If you don't pay the balance of the loan after repossession, the lender can take you to court for the remaining balance or they can charge it off. Neither is a good thing, so it is best to pay the remaining balance as soon as possible. ___________________________________________________ Most vehicles that have been repossessed are sold at auction. When this occurs, you are responsible for any balance that remains less the monies collected from the sale. If a balance remains and you fail to pay it then the creditor or lending agency can sue for the balance due plus legal fees.
NO, unless the ins. on the car pays off more than you owe.The amount the ins. pays would be the the equivilent to the auction price in the balance due on the loan.
Pay the past due amount on the loan or pay the loan in full. In the event you are able to do this, it is a good idea to have the lender contact the repossession agency to cancel the repossession while you remain on hold. If you fail to do this, it could take several hours for them to notify the repossession agency, and your vehicle could still be taken.
No months. It will be more like weeks or days. In practice, you can be one day past due and the lender can send your vehicle for repossession. It might be months before the actual repossession happens; it will depend on how difficult it is for the agency to secure it.
The total amount of all accounts that is due to a physician is simply referred to as the balance due. Care should be taken to not confuse this amount with the balance due from the patient, as opposed to the balance due from the patient as well as his or her insurance company.