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Can you go to jail if you do not pay the debt against a voluntarily repossessed vehicle?
Wiki User
∙ 17y ago
The only thing that can happen is that they sue you. The key is to stop promising payment. If you make any sort of deal to pay it restarts the clock on the 7 year timeframe. After 7 years, it should be removed from your credit report. You may not be able to purchase a car or really anything for a very long time. * No, the issue is one of a civil nature not a criminal one.
Wiki User
∙ 17y ago
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Can your car be repossessed for credit card debt?
Unless the credt card company is the lienholder on your vehicle, no.
What is the process of repossession?
Repossession is an option that some lenders use to help pay against a bad debt. The debt or loan must have been secured by property. That property will in most cases have a lien placed against it to prevent unlawful sale and fraud against the lender. When the vehicle is repossessed, it is sold at auction and the proceeds are applied to the debt to help offset it or pay a portion of it.
Does the co-borrower have any legal options to recoup losses against the other co-borrower when they default and they have to sell the car?
No. Not unless the co-borrower paid the vehicle off and does not have possession of the vehicle. If the vehicle was repossessed both parties are responsible for any outstanding debt.
Do you still have to pay a california vehicle registration debt sent this year if the car was repossessed last year?
If you had the vehicle registered before it was repo'd, of course you do.
What date is used in cancellation of debt the last payment or when the vehicle was given back?
The debt is not cancelled simply because the vehicle was repossessed. The borrower is still responsible for the existing amount of the loan (if any) after the vehicle has been sold at public auction.
Would you be able to go through a debt consolidator to pay off what you owe on a voluntarily repossessed car?
IF the Lender agrees to it, yes. IF it gets the lender money, they will likely agree.
How long do collection agencies have to recover debt after a vehicle has been repossessed in the state of New York?
Kiss a fatty naked girl
Can your car be repossessed if there are children's safety seats in the vehicle?
Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.
What would happen if you made payment arrangements for the payoff of a repossessed vehicle but could not keep them?
If you kept the repossessed vehicle, the lender could reposses it again and sell it. If this was just a contract to repay the debt, they could sue for money damages just like it was a promissory note.
Can a paid off car be seized for debt?
In some cases yes. If the vehicle was purchased using the same lender against whom you have defaulted with a different loan, and there is a remaining balance after the repossession of that property, then the court can order a Conversion of Collateral, and the paid off vehicle can be repossessed by that lender. Additionally, if the court chooses, real property can be ordered liquidated to pay a bad debt.
What can happen to your debt after your car is repossessed?
Your debt is then written off as the car covers the cost of the debt.
In NC what can be done if lender refuses to negotiate bal due on repossessed auto if they want 20000 for auto worth 10000?
not much, basically your hands are tied. when you pruchased the vehicle and signed a contract it was probably stated in there that if the vehicle is repossessed it will be sold at auction and the balance/credit of the debt is the responsibility of the purchaser
