Yes, but only if you are the cosigner. When you cosign it is usually for these reasons: The person the loan is for is a minor The person has a poor credit rating The person doesn't have collateral When you cosign you are 100% responsible for that debt. All the banking institution is interested in is getting their money, so if the car was repossessed the cosigner has two options ... take over the payments or sell the car and hope it pays off the total loan. It's a smart thing to do so it doesn't ruin one's credit rating. If you aren't the cosigner, but the person the loan went too, shame on you! If you can afford to continue to make payments now, then you could have made those payments on the loan cosigned by someone who was nice enough to do it.
Pay it off, voluntary repossession, sell the car and pay it off.
No - just the loan. BUT! The seller may repossess and sell the damaged car for $500.00 to apply to the loan rather than maybe $2000.00. So it's about the same anyway. You lose.
Sell it for what you owe if it is possible. Pay off the loan, get the title and sign it over to the new buyer. If you cannot get what you owe, then get as much as you can. Get a personal loan from the bank to pay of the remaining balance. The personal loan is better than the amount you owe on the car.
The best way is to try to negoitiate with whomever holds the lien on the car or try to refiance the loan if possible. These people don't usually want your car, they want the loan to be repaid. It's not legal to sell a car with a lien upon it, but you might be able to sell it in order to repay the loan and perhaps end up with something.
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
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!
Unfortunately yes what the bank or creditor will do is sell the car most likely at auction for "X" amount. you end up liable for the difference between what they sell it for and the remaining balance of the loan.
You cannot sell the car as you do not own it. The only thing you can do is try and persuade the owner to sell the car.
If you have equity in it, sell it. If you have a relative who wants the car and has 15k, take the money, pay off the loan and sign the car over to the relative.
Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference and will have to pay it.
Yes, it is called a voluntary repossession. It is not much different then when they would come take it except you will save on the costs associated with a normal repossession. You will still owe the difference between your loan balance and what they dispose of the car for, so you are much better off trying to sell it privately if you can.
Yes. This is called a "voluntary repossession". You're still responsible for the entire amount of the loan, so if the car is worth less than the remaining loan amount, then you'll have to make up the difference. Also, it's still a repossession, even though it was voluntary, and will appear on your credit. If you're not late on the payments yet you may do better to sell the vehicle yourself and use the proceeds to pay off the loan, as this won't ding your credit.
The bank will sell the motor home for whatever they can get. You will then be responsible for the balance left on the loan. For instance if the payoff is $10,000 on the motor home and they sell it for $$7,500 then you will still have to pay the bank $2,500 plus any fees associated with the sale and loan. Your credit will then be ruined for 7 years. But this is better than a repossession where you would have to also pay repossession fees. Sit down with a loan officer at the bank and see if you can work something out. They do no want to repossess it anymore than you want to loose it.
Total nonsense...They are trying to get their car back. Scare tactics. But that does not make it true. Failure to make payments on a loan is NOT a felony. You are defaulting on a loan and they have every right to repossess your vehicle, sell it, and you pay the difference in what it brings at sale and the total left on the loan. You will also be assessed repossession fees. Of course your credit will be ruined for 7 years, but you for sure are not going to be charged with a felony.
It will be sold at auction at a lower price than the dealer will sell it for.
You can't return it to the dealership so that option is out. You have 2 options that I can think of. 1) sell the car for what you owe on it or 2) allow the bank to take the car from you. The first option won't hurt your credit, the second will because it is called a "voluntary repossession." If you sell the car, but cannot get what you owe on it, then you should get another loan to pay the difference in sell price and what you owe on the loan. Paying that off is much less than a new car you can't afford. You will have to pay off the car entirely to get the title and sign it over to the buyer. This is why you would need to get a personal bank loan right away if you sell the car, but sell for less than the amount of your loan. Just be sure to give the buyer a 'bill of sale' with both of your signatures on it when you sell the car. This way, they can't back out of the sale once you get the title a couple of weeks later.
A repossession on your credit is NOT GOOD. Avoid it if there's anyway possible. You say the car is SOLELY in your name?? GO GET IT and sell it.
Was there a written contract between you and your friend that listed repossession as a cure for non payment? I would consider contacting an attorney on this one.
AnswerIf the primary on the contract does not pay then the lienholder comes after the co-signer for the payment. The credit of both the primary and co-signer are going to show repossession. If the lender has kept the title in its files as part of the loan process and is listed as a primary lienholder, it can sell the vehicle after the repossession.
Forever Adding: I believe the questioner may actually mean to say - does the lien holder have to wait to sell it. Perhaps he doesn't understand that after repossession, it is then "their", that is the lenders, vehicle.
You will have to pay the difference between what the finance company gets when they sell the car and the ballance on the loan. All it means is that the finance Co would have gotten more for the car if it hadn't been damaged so you would have owed less on the remander of the loan.
Yes, you can sell a car with a loan attached. You must pay off the loan with the money you receive in order to have a clear title or you must get someone to take over your loan.
No it is not true.You are liable for the remainder of your car loan less what the car sells for plus the fees involved to sell the car.Ask whoever told you this to give it to you in writing.
ANYONE who's name is on the loan contract is responsible for the debt. Who will sell someone a car and that someone NOT be responsible for paying?? NOT ME LOL