Can you go to jail if you do not pay all of the remaining balance after a repossessed car is sold?
NO, there are no more "DEBTORS PRISONS".
The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.
Can you sue a co-debtor for the balance remaining after your repossessed car was sold if the co-debtor was declared responsible for the debt by the court but never paid?
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…
Yes. If you take out a car loan, fail to make payments, and the car is repossessed, you will have to pay the difference between the price the lender received at auction and the balance remaining on your loan. Since repossessed cars are usually sold at wholesale auctions, the difference can be thousands of dollars.
If your car was repossessed are you obligated to pay the remaining balance after it was sold for less than half of what you owed?
yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.
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 can you do if your car was repossessed last year and you paid the money to reinstate the contract in the a lotted time but they still sold your car and are now suing you for the remaining balance?
Yes. When a vehicle is repossessed, the lienholder has to try reclaiming what they can of the loan that was made for the vehicle. A repossessed vehicle typically gets sold at wholesale auctions, and the amount paid for it is typically substantially lower amount than what's owed on the lien. You as the lessee are still liable for the remaining balance owed on the vehicle, plus the fees for repossession, storage of the vehicle, auction…
How do you stop collections on a repossessed vehicle My car was repossessed in Missouri the bank sold it and now a collector wants me to pay the balance not the difference. Any advice I need help?
When your car is repo'd and it is auctioned off you are to pay only the balance of what you owe on the loan. So if you owed 10,000 and is sold for 8,000 you pay the balance of the loan whic is 2,000. If you have collections on your credit report call and have it investigated this way they cant keep renewing it for 7 years.
You are still responsible for the balance of the contract, in addition to repossession, collection, and legal fees. Added to this can be transportation costs, storage costs, auction fees. The car should be sold and the sale amount deducted from your contract balance. What ever is left is called a deficiency balance and your are still liable for it. Keep in mind that most repossessed vehicles are sold at a substantial loss (much less than…
Yes, on any outstanding balance. when the car was repossessed, it was sold at auction. The repossession fees (repossession, storage of the vehicle, storage of any personal property, transportation fees, auction fees, etc.) will be added to the balance owed. When the vehicle is sold, that balance is applied to the debt. Any remaining balance is still your responsibility to pay. It is not unusualy that little change downward will be made. In addition, any…
Do most finance company allow you to pay the late payments and then continue with the agreed contract if the vehile was repossessed?
If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction. Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.
How Do you find out for free if your repossessed vehicle a month ago has been sold and for how much?
You really don't. Bt you can make an estimate. Take the amount owed on your loan at the time of repossession. Once the car is sold, the lien holder will contact you. See, they're not likely to get the full amount owed by you at the auction, so there'll be a remaining balance. They're going to expect you to pay that back still. They'll tell you what that amount is. So you subtract that amount…
Yes and no. A writ of replevin is a court order to surrender a vehicle. Anyone who interferes with such can be arrested and held in contempt of court. This includes you, or any third party in possession of the vehicle. The mechanic's lien is a matter between you and the mechanic. If the repossessed vehicle is sold, and the proceeds exceed the amount of the original remaining loan balance, then any remaining money from…
If the creditors repossessed a car and then sold it at an auction can you be made to pay for the rest of the money that they didnt get out of the auction?
In NC what can be done if lender refuses to negotiate bal due on repossessed auto if they want 20000 for auto worth 10000?
If your car was repossessed is there a law stating how much a finance company can sue you for after it has sold the car?
What can happen if a voluntary repossession is done and the vehicle has sold and you can't pay the balance remaining and a judgment is obtained but you still can't pay?
What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
No, they cannot garnish you wages if you reside in NC. Only the IRS, state and local tax authority can garnish your wages. If you move to a garnishment state garnishment proceedings may be taken against you. Only a civil judgment may be filed but that would be at the creditor's discretion. Typically, one the car has been repossessed, it will have a condition report done on it by the repossession company who will then…