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Can you sell the car before they repo it if they are alraedy saying that they want to repo it?
Wiki User
∙ 18y ago
No, the car has a lien on it. You cannot legally sell without a lien release from the lender. Be careful, you will get into serious trouble trying this. You can sell the car if the lender agrees but if they are trying to repo it i doubt they would agree to a sale at this point.
Wiki User
∙ 18y ago
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Run with car before repo consequinces?
That is the old repo avoidance game so long as you don't sell it and you manage to hide it, you are still driving it. However the repo boys will catch up with you. They are good at it.
If your car get repo do you have to pay the balance off?
They repo your car and sell it at auction or sometimes to a good buddy. What they sell it for is deducted from your debt but they add back the cost of the repo and selling at auction. Now - If they think the amount still owed is worth going after you and your assets -then they can go to court for a judgement. If you can't hang on to it ask them to take it back before they spend the money to repo it.
If you voluntarily relinquished your car due to your unemployment status can you be subpoenaed to pay the remaining balance after they sell the car at auction?
They are not lying to you. A repo is a repo is a repo.
If a car is repossessed and you pay the balance after they sell the car do they remove the Repo in your credit report?
Do they? NOT usually. CAN they?? yes, if you convince them to. reporting a repo is reporting a fact. The repo DID happen. They report the payoff. That is a fact also.
What is the difference between voluntary repossession and regular repossession and the pros and cons with it?
Neither are good. Call the lender and work something out. a repo is a repo by any standard ,they will sell the unit and go after you for the deficiency no matter what.it will be on your credit as a repo. You will not have to pay the towing and fees associated with the repo. That is the only difference.
Do you have a right to know what your vehicle was sold for after repossession?
by law in the state of Texas,a repo cannot sell for anymore than what is owed.The finance company has to tell you what the ballance on it is after it sells,add around $600 for legal fees to what was owed before the repossesion and subtract the ballance owed now which gives you what the repo sold for
What are the laws in Georgia on time frame before they sell at auction and can they do this if you pay following day of repo when notified of amount owed if was all bank error?
WHAT "was all bank error"?? IF the whole entire repo "was all bank error", then you need an attorney now. ASAP. The bank has insurance to cover "errors and omissions".
Can your lender place liens or judgments on your credit for the balance owed if you do a voluntary repo?
IF they follow the laws of your state, YES. A repo is a repo is a repo. they may also be able(and more likely if you have a job)to garnish your wages. NEGOTIATE with them, they would much rather have money than the car. TRY to sell the car. Good Luck
Can a lender repossess your car if you were behind on your loan but made it current before the repo agent got to it?
Yes. The terms of the loan were defined when you signed the paper. Most loans state that they can repo the vehicle if the loan is in default and they can declare the loan to be in default at any time after you have failed to meet one or more conditions of the loan. When you didn't pay on time, you were in default. Once you were in default they can repo the vehicle and sell it to dispose of the loan.
Is a lender still interested in a vehicle that is down to the last 6 payments after paying on it for 5 yrs?
Look at it from the lenders viewpoint. They can repo a car with 1500.00 owed that might sell for 2500.00 from you. OR, they can repo a car from Joe Doe with 35000.00 owed that might sell for 23000.00. Which would you repo first? The one you lose money(Joe Doe) on oe the one you break even on (you)??
If you bought a car in Virginia and can no longer afford it can you do a voluntary repo and not have your wages garnished?
A repo is a repo, voluntary or not. Do not do a voluntary repo or any other repo. Terrible idea!!! Call the lender and work something out. See if you can find someone to take over the payments or possible sell the car to another part and pay off the loan. If you are upside down on the loan, then sell the car and borrow the balance to pay it off. Having your car reposed is a very bad idea. Your credit will be ruined for 7 years. You will also have the pay the difference in what the lender sells your car for and the balance on the note, plus repo fees. Do whatever it takes to prevent this from happening. I can assure you the lender does not want to repo your car. Call them!!!!
Should you do a voluntary repo if you are not in arrears?
Hal, you BEST option is to sell one of the cars. But you're upside down, right? Get the best price you can for it and borrow enough to pay the loan off. Do it NOW before you get in a real bind. yes, you will be paying for a car you DONT have but you will also be KEEPING your good credit.And doing it with a smaller note without creditors calling you, ect. The lender is going to want the balance due on the loan after you VOLUNTARY repo and they sell it. Not pretty is it? It is BEAUTIFUL compared to what you will get after a repo. Face this head on and win. Put your head in the sand and lose. Good Luck
