Erin, congratulations on NOT wanting to get involved in a repo. Sell it to a lender?? PORBABLY NOT. Lenders want money NOT cars. But, you DO want to sell it if possible. Try to find a buyer at the highest possible price. Lets say your payoff is 10K and your best offer is 7 K. $3000 difference. BORROW the 3K,sell for 7K and pay off the loan. Great credit. Still have a loan for 3K that is much cheaper than 10K, NO collectors calling daily and great credit. You save yrs. of INTEREST on a judgement, hours of phone calls from collectors ect. I promise that if you even try to sell the car yourself, you will get MORE for it than if the Lender sells it at auction. Goo thinking and Good Luck
They will look to you for the remaining balance
== == You CANNOT sell or trade a vehicle that YOU don't OWN, and as long as there is a loan debt outstanding on the vehicle, YOU can't sell it, as it still belongs to the company that LOANED you the money to but it. They own it. If you pay the entire remaining balance to the lender, and get a CLEAR TITLE to it, then you can sell, or trade it to whoever you wish, but not before you pay it off, completely.
Once the vehicle is repoed, if it is not redeemed, the vehicle is sold at auction. This purchase price is applied to the debt. The problem is, the repossession procedure can add much more to the balance owed. So, there is likely to be a remaining balance, and it could be higher than was originally owed on the loan before the vehicle was repoed. In cases where a balance remains, the lender may decide to take legal action and sue the borrower.
Yes, you can sell a vehicle that is still being financed. You will need to pay the loan company the balance of the loan with the sale proceeds in order to give the buyer a clear title. If you have to sell the car for less than you owe, you will be responsible for paying the balance out of your own pocket in order to transact a legal sale.
No, there is no extra charges on an insurance policy for a financed vehicle. Only difference will arise in the paper works, and it will mention that the vehicle is hypothecated.
The lender will sell the vehicle and you are responsible for the deficency. They will sue you for the balance left on the loan after the sale of the vehicle. The court will order you to pay and they can garnishee your wages.
Once the vehicle is auctioned off and sold there is usually a remaining balance left to pay. You will start receiving collection notices about the remaining balance. This is when you will want to prepare yourself to negotiate a settlement.
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
Any lender requires insurance if the vehicle is financed.
In the world of bad debt, everything is negotiable.
Yes, you can usually but it back because it is then between you and the insurance company. But keep in mind your insurance company normally pays the ACV (Actual Cash Value) which may not be what you actually owe on the vehicle unless you carry Gap insurance. Gap Insurance is an additional coverage that covers the balance of the loan between the ACV and remaining Balance.
You are jointly liable with your other co-signer. The finace company can, and will, come after both of you.
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
put sugar in the gas tank
Yes. Even after the vehicle is sold, you'll still owe them the remaining balance of what you borrowed, and they'll continue to call.
When a vehicle is repossessed, it is usually put up for auction. If the monies recovered from the auction is not enough to cover the outstanding balance on the loan, the person the vehicle was repossessed from is expected to pay the difference. It's a bummer, but that's how it goes.
They will try to collect the balance remaining after the sale if any difference left over.
If the finance company has sold it, you have you answer. How can you be so stupid?
That would be a civil debt collection action. it will vary from state to state and could be as long as ten years..
Yes. The interest is charged on the money owed to them. When you surrender a vehicle, they sell it, and it often goes to a wholesale auction, which means they're going to get less than the remaining balance. You're still liable for that remaining balance, under the same terms and conditions as what was agreed to when the loan was made.
Im pretty sure even if you did voluntarily hand it back you'd still have to pay the remaining balance. They won't just tanke back a car and call it good.
What is a Delaer?
No. You can only insure a vehicle which is in YOUR name.
In most states it is possible for the action depending on the exemption status of the vehicle and how it is titled.