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.
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).
While most creditors will allow you to have your vehicle voluntarily repossessed, some lenders will not accept them. Your best resolution in this case is to contact the finance company and determine why they will not collect the vehicle. Ensure that they are indeed accepting the voluntary repossession. You will still be required to pay the remaining balance unless you are told otherwise.
If i have a vehicle repossessed in the state of texas, is there anything that requires me to pay off balance after vehicle is sold at auction?
They have no liability for a vehicle repossessed lawfully from their property.
It's the sworn statement that the lender files with the state DMV when a vehicle is repossessed. It includes data such as, how the vehicle was repoe'd (voluntarily or replevin order) the default date of loan, the date of repossession, the amount owed, the value of the vehicle, all indentifying information,(date and time, location) and so forth.
need a 10 day letter after vehicle is repossessed
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.
the person the vehicle was leased to is responsible as they are the ones that have caused the vehicle to need to be repossessed.
mine was charged, i left the junker at the car dealership and when i finally got sick of paying for a car i hadn't touched for months, they repossessed something they had possession of.
thirty minnuts after the repossession of the car.
Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.
technically, you have 20 business days to pay the balance owed plus all fees that were incurred during repossession.
READ your lease contract. It should specify the results of repossession.
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
No. Absolutely not. If they enter a vehicle they do not have an order of repossession on, they've committed a crime. They may enter the vehicle they are there to repossess, and only the vehicle they are there to repossess.
Vehicles in Louisiana may only be repossessed by vol repo. That is the holder of the car must voluntarily release the vehicle. Repo agents in Louisiana may not engage in self help repossession.
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.
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.
* You have the right to possess any vehicle you do make payments on or have paid for. * You have the right to retain possession of said vehicle provided you continue to make contracted payments toward the unpaid balance of the principle. * You have the right to have your vehicle repossessed if you fall delinquent on your vehicle payments to the contracted lender. * If your vehicle is repossessed, you have the right to recover any actual private property that was in the vehicle at the time of repossession. * You have the right to pay fees for recovering your property that was in the vehicle at the time of repossession. * You have the right to pay all unpaid balances and fees accrued as a result of the repossession process. That's about sums it up. I confess I did substitute "right" for "responsibility" in several places.
When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.
What state are you in??? Laws VARY by state.
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
No. The only vehicle that can be repossessed is the vehicle for which the agent has a valid order of repossession, OR in some cases, a vehicle the agent encounters (such as reported by a camera car) in the process of locating another repossession. Anything other would be wrongful repossession or possibly grand theft auto and extortion.