If your car was repossessed, they will sue you for the difference in what the car sells for and the balance on the loan, plus repossession fees.
Did you borrow the money and sign a contract to repay the loan? Did you have your car repossessed because you failed to make your payments? They repossessed your car and sold it, and you owe the difference in what the car sold for and the balance on the loan. What difference does a letter or 8 years make. Be an honorable honest person. Pay them their money. Legally you may get out of paying but morally you owe them the money you borrowed.
Yes, if the vehicle is repossessed and there is a deficit between the sale and the loan balance, (including fees and penalties)and the borrower cannot pay what is owed.
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.
When a vehicle is repossessed by the lender it is sold at a public auction for as near the fair market value as is possible. The amount the vehicle is sold for is deducted from the balance of the loan and the borrower is responsible for the repayment of that amount plus any interest and additional fees. If the borrower is unable to make a payment agreement with the lender, the lender does have the option of suing for the amount owed and legal costs. It isn't possible to give a definite answer on if the lender will or will not sue the borrower for the debt.
she is liable for whatever is left on the loan after the boat is sold by the creditor. If shes owes 50,000 on the boat and it is sold for 30,000 she is liable for 20,000 and the associated costs of the process.
Absolutely. You signed a contract to pay for a loan of money. It doesn't matter whether you still have the property that was purchased with funds from the loan. The promissory note is a contract to pay and is enforceable in court.
You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.
yes it has a 10 year limit
If by "served" if you're asking if you can be sued for the unpaid balance of the loan, yes you can.
In general, yes, if you haven't files bankruptcy.
The company who repossessed the car now has the collateral to make up for the amount of the balance of the loan owed to them. If there is more owed on the loan than the car is worth, it is possible to be sued for the deficiency. If a judgment is entered after this occurs, and that amount is not paid or settled voluntarily, the lender could seek to garnish a bank account or a person's wages or file a lien against real property. If the motorcycle has a loan on it, it is already encumbered and not subject to a separate lien.
The right to an attorney. You signed a contract, and will be held to that contract. You will have to pay the difference in the balance left on the loan and what the bank sells the car for. You may also be liable for repossession fees. You credit will be ruined for 7 years. You will loose this lawsuit because you signed a loan agreement and failed to live up to your end of the agreement. Better to settle out of court if at all possible and avoid court costs.
You can be sued and your car repossessed.
If you anyone money, you can be sued.
Usually, the car gets sent to an auction center where it will be sold usually at less than fair market value and certainly less than the amount that is owed on the loan. The proceeds of the sale less expenses are deducted from the amount owed on the loan, and the lienholder sues the owner for that difference. Owners should try to work out an agreement with the lienholder to pay the arrears in full and get the loan back in good standing. It might give the car back. If that does not work, owners should see if they can sell the car to someone privately, before the lienholder sends it out to be auctioned off. The car sold privately will get more money than when sold at an auction. This will lower the amount the owner gets sued for.
You have the SAME rights the buyer has,pay it current,ins, it, pay the notes on time OR pay off the loan. That gets it out of repo. IF no one does that, your rights are still the same. You can be sued for the balance due after the lender sells the car.Your wages garniaheed,ect. The reason for repo is default NOT criminal action.
This would be a question I would go ask my banker. If they can't help you then they might be able to point you in the dirrection of someone who can. From what I know... If your name is still on the loan papers then your answer is "Yes" you can be sued for the remaining balance on the loan. Do what you have to do to make sure that your name is nowhere on the new loan application or you can try get a written statement from the loan company that says that you have been relieved of your financial obligation to this loan.
Only if you are sued for the debt. First the RV is repossessed. Then you will get collection notices in the mail. If you are going to be sued, you will get notice of that too. If you are sued, the judge can award the creditor a judgment that allows them to garnish your wages.
Yes, the lender is required to sell the vehicle at public auction for a fair market value. Any discrepancy between the sale price and the balance of the loan is the responsibility of the borrower/buyer. A lender can file suit against the borrower for the remaining loan balance plus applicable fees.
You drive the car to the nearest office of that creditor and get an employee to give you a receipt or letter stating that you have surrendered the car to them on whatever date it is. IF THAT IS WHAT YOU WANT TO DO.... Please remember that this doesn't mean that your obligation to the car and loan is now done--because it is not. If the car is sold for less than what you owe and you can bet that it will--you can be sued for the deficit balance. If the balance is large enough you can be guarnisheed-- and that is not pretty.
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
It is more likely the car will be repossessed by the lending agency, if you have defaulted on the loan. You may also be charged criminally. If you simply took a car without paying for it, this is classified as grand theft auto and, if caught, you will be charged criminally.
Yes. If there is a deficit in amount owed and what the vehicle is sold for, the borrower can be sued for any outstanding loan balance plus legal fees and other charges. Only the terms of the lending contract is relevant, not the issue of whether or not the borrower informed the lender that they were unable to meet the financial obligation.