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Can you be sued for the remaining balance of a voluntary repo even if they haven't sold the vehicle yet and all the dealer finance company did was relocate it to one of their other locations?
Wiki User
∙ 18y ago
yes. even though you gave it up you are in breach of contract. the main purpose was to sell that vehicle and not have to turn around and sale it again. the depreciation of a vehicle drop about 3,000 when it leaves a dealers parking lot. they have to continue to make payments on it since you can't do it anymore. they pay for shipment, insurance on their cars just incase someone breaks into them and tries to steal the radios, etc. while parked on the lots. they have to fix up the vehicle if its repoed, that cost money. they have mechanics they have to pay and other employees-repo people as well. they have to pay taxes up front on every single vehicle and Business Taxes are a lot higher than individual taxes. they have to pay a registration fee on every vehicle. it ain't cheap. Spare me ..... if the banks lost money or the car dealers lost money guess what?? they won't do it!!!!!
Wiki User
∙ 18y ago
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I'm a co-signer on another car and I'm doing a voluntary repo on my car how does that effect me?
The primary borrower is responsible for this debt, but if they do not make arrangements to pay the remaining balance of this debt (once its auctioned off) then you will be fully responsible for the remaining balance.
How long after you have a voluntary repo can the lender hold you responsible for the remaining balance in South Carolina?
== == I know they can't garnish your wages but not sure about liens.
What happens when you can't pay the remaining balance of a voluntary return?
The lender will sell the vehicle and you are responsible for the deficency. They will sue you for the balance left on the loan after the sale of the vehicle. The court will order you to pay and they can garnishee your wages.
What happens if you haven't paid the remaining balance after the repossession?
"remaining balance" as in what you are behind OR the remaining balance due on the loan??
Where are posture balance and voluntary muscle movements controlled?
Cerebellum
In regards to the question if you volunteer a reposession do you have to pay off your car loan what happens if you can't pay that balance?
Voluntary RepossessionOnce this vehicle has been auctioned off, the remaining balance that is left on this loan will be your responsibility to pay off. You can contact this collection agency once you receive a new statement of this balance. Usually the two options that you have is either make monthly payments or you can negotiate a settlement. Your best bet is to save anywhere from 30-50% of the remaining balance, and settle. Get everything in writing before making a final payment.
If you voluntarily return a vehicle to the finance company are you responsible for the balance after the sale of the vehicle?
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.
After a voluntary repossession and subsequent sale at auction Can the remaining balance be refinanced at a lower rate?
No, you'll be * 1) considered a credit risk since you didn't keep up the payments on the car loan. * 2) have no collateral for the new loan
Part of the brain that coordinates voluntary activities and balance?
Cerebrum
How is the remaining balance collected?
Who loaned the money?
If a child signs for the remaining balance on the fathers funeral bill are they held accountable?
if a child signs for the remaining balance on the fathers funerla bill are they held accountable.
Can wages be garnished for the balance of a loan in a voluntary repossession?
Yes, they can be garnished for this reason.
