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Provided it is not prohibited in the loan contract, probably. Keep in mind that the lender still holds lien on the vehicle and you are still obligated to pay the note. Should payment cease, the vehicle is still in all likelihood available for repossession, and the fact that another person holds it will not stop recovery, nor will it end your responsibility to the lender.
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∙ 12y ago
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You owe money on a repossessed car but the car was refinanced to someone else do you still owe?
I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.
If you give you leased car back before the lease is up do you have to pay anymore on it?
YES, You are still obligated to complete your term of lease contract.Even if you are purchasing or leasing another vehicle and decide to trade or turn in your current lease YOU STILL OWE THEM!!!!! The leasing company is still entitled to remaning payments.. Best to look at your lease agreement...
If the lease is breakable on an apartment but you still owe money and cant pay?
Move out in the middle of the night.
How do you sublease a vehicle you owe money on?
You do not own the car! You can't lease something you do not own. This is not an apartment it is a car. Forget this bad idea.
Can a vehicle with a lien on it be impounded and sold?
yup but you still owe the cash
Do you owe the balance on a wrecked vehicle?
Yes, you are still responsible for the loan no matter what happens to the car, hopefully the insurance payout covers what you still owe on it.
Can a mechanic repossess a vehicle if money still owed?
if you owe them money they generally will not release your vehicle to you in the first place
Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
Can you trade in a '03 motorcycle that you still owe money on?
Yes, the amount of money that you owe on the motorcycle will be added on to the amount you are borrowing on whatever vehicle you are buying. They will then pay off the title since you owe that money anyhow for the new vehicle.
After your vehicle is repossessed and the car has been auctioned off can arrangements be made for the remainder of the loan balance?
The vehicle was repossessed for non-payment of the lease, correct? You still owe all the money to the lender, even though you no longer have the car. You signed a written agreement with the lender promising to pay a certain amount each month for how ever many months were in the lease. You breached that written contract by not paying the monthly lease - Just because the car is taken away from you does not absolve your financial responsibility to pay for the remaining parts of the lease.
If you still have time in your lease can you get out of your apartment?
You can get out of a lease but there is always a penalty. Usually you have to pay aat least a months rent plus an additional charge. Some properties can charge you for the rest of the lease. That means if you have six months left on your lease then you owe six months rent!
Is a lease repossession the same as a purchase repossession?
About the same. Don't make your payments and they will come get it. Then you still owe the difference as stated on the contract.
