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Yes you do. They repossess the car and then sell the car. You are responsible for the difference in what the car sells for and what you owe on the car. You will also pay any fees associated with the repossession. Let's say you owe $10,000 on the car and the sell the car for $8,000. You will then owe $2,000 plus repossession fees that can fund into as much as $500 or more depending on how much effort is required to find and repossess the car.
Wiki User
∙ 8y ago
Wiki User
∙ 8y agoWhen your car is repossessed and not reclaimed, it normally goes to action. You'll owe the difference of what you owed previously and the amount they sold it for at auction, plus interest, plus repossession and storage fees.
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Can my wages be garnished to pay the balance of my auto loan after my car has been reposesed?
That depends on if the lender uptained a judgment againt you. They would have sought a judgment if the value of the car exceeded the balance of the loan at the time it was reposesed. Some peole are stupid enough to intentionally make their car worthless if it's going to be reposesed. The differanc between the value of the auto and the loan is what the lender will go after.
What are the repossesion laws in New York?
Please be specific on what type of collateral is being reposesed? car? house? equipment? ussualy if you miss 4 monthly payments it will be reposesed. But you can work it out with your lender.
Will voluntary car reposesion hurt your credit?
if i let my vehicle get reposesed will it hurt my credit?
What can you do if your car is repossessed?
The first thing to do is to contact the company you handle your car payments with. Once payed, you can then go to the reposestion office and receive your car back. Notice that is may cost you money to get your car back.
Can a New York city marshal repose a car that has bank as the lien holder?
yes they can and they do , they actually sell these cars in an auction if they are never picked up. they only state the car has a lien before the car is sold... people that usually buy these cars get them reposesed by the banks. so is a waste of money, to buy any of these vehicles...
Can you trade in a car then get money back?
yes i do think that you can get money back from a trade in!
Can you get your money back if not satisfied with car?
No you cannot.
If you trade a car in for a new car and the new car gets totaled can you get the money back?
Certainly. If you buy a new car from a dealer and then wreck it, the dealer will be happy to give you back your old car and promptly return all of your money, and take back the ruined new car.
I bought a car a month ago but the brakes don't work the dealership took it back to fix it and two days later still the same problem the car has warranty?
take the car back and ask for them to repair the problem properly or you want your money back as the car they have sold you is unsafe and should not be on the road. There by the company who sold the car should have the problem repaired at once
Do i still have to pay the lien even if i don't want the car?
If you borrowed money to purchase a car then you are required to pay it back.If you borrowed money to purchase a car then you are required to pay it back.If you borrowed money to purchase a car then you are required to pay it back.If you borrowed money to purchase a car then you are required to pay it back.
Can you get your money back on a used car that has a warranty?
Probably so. Drive the car to the seller and tender it [give it] back to the seller, then demand your money back. If the seller refused to refund your money, sue the seller for the purchase price, using the warranty as your legal proof that you are entitled to your money back.
Can you get your money back on used car?
No money will be back if you have already the used car. It is also based on each others agreement unless there's some defectives occured in the car before it was bought.
