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.
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?
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.
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
the person the vehicle was leased to is responsible as they are the ones that have caused the vehicle to need to be 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.
thirty minnuts after the repossession of the car.
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.