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
If i have a vehicle repossessed in the state of texas, is there anything that requires me to pay off balance after vehicle is sold at auction?
The amount you will owe the creditor will be the amount of your auto loan (including repossession fees, interest, and collection charges) minus the amount the vehicle sold for at auction. The creditor will notify you of the amount due in writing after they auction off the vehicle.
Yes, you owe the difference of the amount of the loan and what the vehicle was sold for plus any costs of the repossession. You are expected to pay that amount.
Yes. Whatever it gets at auction.
If the finance company has sold it, you have you answer. How can you be so stupid?
When the car gets back to the bank, its sold and the debtor owes the difference between what it sold for and the outstanding balance on the loan. IF it sells for more than is owed, debtor has to pick up the check for the surplus. There are no differences between a voluntary repossession/relinquishment of vehicle by the borrower and the forced repossession/recovery by the lender, except for some of the repossession costs such as towing. FYI, a bank will not allow you to return the vehicle in the sense that you can "drop it off" somewhere.
Not at the time the lender seeks repossession of the vehicle, but if it is found that fraud has been committed (vehicle hidden, sold, etc.) them criminal charges could be applicable.
Not without permission of the lender. A vehicle cannot be sold without a clear title of ownership. The lender is named on the title of a vehicle as the "lienholder" until the vehicle is paid for or otherwise released by the lienholder.
After your vehicle is repossessed by the lender, they can put it up for sale, but, you have a time period to redeem it, paying the amount in arrears, plus collection costs.Upon repossession, you have the right to recover any personal items in the vehicle.The lender can sell on the bank lot, or at auction, and then sue you for the remainder of the loan and costs, not collected at sale. The repossession will go on your credit rating (for 7 years).Time periods for actions in a repossession vary by jurisdiction, and, as I am not a lawyer, only a repossession agent in the past, you should consult an attorney or your state Department of Motor Vehicles by phone or visit their website!
If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?
When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.
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. When a vehicle is repossessed, the lienholder has to try reclaiming what they can of the loan that was made for the vehicle. A repossessed vehicle typically gets sold at wholesale auctions, and the amount paid for it is typically substantially lower amount than what's owed on the lien. You as the lessee are still liable for the remaining balance owed on the vehicle, plus the fees for repossession, storage of the vehicle, auction fees, etc.
When you voluntarily surrendered your vehicle for repossession, you signed a voluntary release form. The probability of you redeeming your vehicle is extremely remote now. It is possible that if you attend the auction where it is being sold, you may be able to repurchase it though.
You really don't. Bt you can make an estimate. Take the amount owed on your loan at the time of repossession. Once the car is sold, the lien holder will contact you. See, they're not likely to get the full amount owed by you at the auction, so there'll be a remaining balance. They're going to expect you to pay that back still. They'll tell you what that amount is. So you subtract that amount + repossession and storage fees from the balance you had prior to the repossession, and you'll get a rough idea of what it was sold for at auction.
It will say "Salvage" vehicle on the bottom right corner of the title. No vehicle can be sold without indicating if its a salvage, rebulit or a regular title.
how can you find the vehicle that the owner sold?
No, they have no legal right to do that. According to the Federal Trade Commission's website (www.ftc.gov), all personal property within a vehicle may not be kept, sold, or destroyed. If any personal property was destroyed the creditor who reposessed your car can be held legally responsible for compensation of your goods. (http://www.ftc.gov/bcp/edu/pubs/consumer/autos/aut14.shtm)
While the people who work for the lender who gave you the loan on your vehicle may empathize with your unemplyment situation, the lender does not. They want the money you contracted to pay them for the vehicle. Failing to pay them, they want the car so they can have it sold and pay off part of the loan you owe. When we borrow money, we are gambling that we will be able to pay it back. Sometimes we win, sometimes we lose. It is what it is. There is no law prohibiting repossession because you are unemployed. Unemployment is the primary reason for repossession.
NO, they can attach a lien to be paid FIRST if/when the home is sold.
Arizona repossession laws are quite simple. Once the vehicle is put out for repossession, the repossession agent will attempt to locate it. Once the unit is found, he will secure it on his truck. He may, if he is kind, contact the borrower and offer to let him retrieve his personal property in exchange for the keys. He is not required to do so. He may not move other vehicles to unblock a vehicle. He may not open a closed structure to secure the vehicle. He may not knock on your door after 9:00 pm or before 8:00 am. He may contact you at work 24/7 though. He may not enter reservation land to secure the unit UNLESS he has specific permission from the tribe to do so. He may not secure the unit from federal land UNLESS he has the proper licensure to do so. Finally, after the vehicle is sold at auction, the purchase price will be applied to the outstanding balance of the loan. This in most cases will not pay the balance, therefore you will need to pay the unpaid portion, plus fees and repossession costs. If you fail to do so, the lender will likely seek judgment against you and then for the next ten years afterward you will have little choice in how the outstanding balance plus court cost, legal fees, and collection cost is recovered.
Yes, you still have to pay. You signed a agreement stating that you would pay for the car. So the balance that you pay is the cost of the repossession and the cost of the vehicle after it is sold. No! Then company will try to scare you but you don't have to pay it because its still going to be on your credit report.
Each state is different, however, in most states the amount that the vehicle (collateral) is sold for is deducted from what you owe. You will still owe the remaining balance. If the collateral is sold for more than you owe, plus repossession/reconditioning expenses, the lien holder (bank) is in turn required to rebate you the difference.
The car is secured by the repossession agent, taken to a storage lot, and transported to an auction where it will be sold. Sometimes, in such cases, the party that give the location of the vehicle is paid a small finders fee.
In a few states both the primary borrower and the cosigner must be notified by the lender through a "Right To Cure" notice before repossession action can occur. In Wisconsin a replevin order is necessary before a repossession can take place, but the cosigner is not always notified. In the majority of states the lender does not need to give either the primary or the cosigner notice of repossession action.