Best Answer


User Avatar

Wiki User

โˆ™ 2010-01-20 15:21:54
This answer is:
User Avatar
Study guides


26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

See all cards
3 Reviews

Add your answer:

Earn +20 pts
Q: Can you get sued for the balance of your car loan after the car is repossessed and sold?
Write your answer...
Still have questions?
magnify glass
Related questions

Can you be sued for a car that has been repoed?

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.

Can you be sued by a finance company once you have defaulted on a car loan?

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.

After 8 years after your car was repo you are being sued i did not receive a letter after repo?

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.

Will you get sued for the money you still owe after your car is repossessed?

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.

If your truck is repossessed can you still be sued?

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.

Your mother-in-law filed bankruptcy and now has had her boat repossessed Can she be sued for the value of the boat and an additional 18k?

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.

Can you be sued for the balance of a promissory note if the property is re sold?

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.

Can you be sued if you let your mobile home be repossessed?

You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.

Can you be sued over the balance of a vehicle that has been voluntarily repossessed over three years ago when the repossession is on your credit report?

yes it has a 10 year limit

Can you be served for unpaid payday loans in Houston tx?

If by "served" if you're asking if you can be sued for the unpaid balance of the loan, yes you can.

Can you be sued after your house is repossessed?

In general, yes, if you haven't files bankruptcy.

What can happen if you havent paid your car in 4 months?

You can be sued and your car repossessed.

People also asked