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IF the lender obtained a judgment for the balance due, YES.

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โˆ™ 2011-09-13 02:10:30
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Q: Do you have to pay the balance after the car was repossessed and sold 3 yrs ago?
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Related questions

Can you get sued for the balance of your car loan after the car is repossessed and sold?

Yes.


If a car is repossessed what happens if you filed bankruptcy over 5 years ago?

Let me get this straight. You filed B/K over 5 yrs. ago and the car was/is repoed recently? If this is correct, the car will be sold and the lender will want you to pay the balance still owed.


Can you go to jail if you do not pay all of the remaining balance after a repossessed car is sold?

NO, there are no more "DEBTORS PRISONS".


Why would you get letters from a lawyer about a judgment 8 years after your car was repossessed?

Most likely, the LENDER got a judgement for the balance due on the car loan about 6 years ago. They have likely sold the judgement to an attorney who will collect on the judgement.


Why would you get a refund for overpayment on a repossessed car?

When a vehicle is repossessed, it will eventually be sold at auction. Occassionally, the amount received from the sale is greater than the balance owed. On these occassions, the excess is sent to the debtor.


Can your wages be garnished for a car that was repossessed?

Yes, if there was a deficiency balance owing after the car was sold at auction. Your creditor would have to sue you and obtain judgment in order to garnish your wages.


How long before you don't have to pay off a car that was repossessed?

The lender will pursue collections for any unpaid balance for seven years from the date the car was sold after being repossessed. If the balance is large, they may pursue legal judgment. Obtaining this, they will have ten years from the date of judgment or last payment.


What happens if your repossessed car is sold for more than you owed?

Randy, IF it sells for more than the unpaid balance, you should receive the excess.


What can you do if your car was repossessed but was not changed out of your name?

There is nothing you can do till the car is sold.


If your car gets repossessed and you choose not to pay for it can they take your tax return?

If the lender has placed a judgment against you for the deficit balance (balance left after the car is auctioned/sold), then yes in most states, they can take the tax return and apply it to the balance owing.


If you owe more than the car is worth what happens if it gets repossessed?

The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.


Does a repossessed car have to be sold at a public auction?

NO. It can be sold any way the bank wants it to be sold


How do you stop collections on a repossessed vehicle My car was repossessed in Missouri the bank sold it and now a collector wants me to pay the balance not the difference. Any advice I need help?

When your car is repo'd and it is auctioned off you are to pay only the balance of what you owe on the loan. So if you owed 10,000 and is sold for 8,000 you pay the balance of the loan whic is 2,000. If you have collections on your credit report call and have it investigated this way they cant keep renewing it for 7 years.


Can you still owe money after your car is repossessed?

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.


If your car was repossessed is there a law stating how much a finance company can sue you for after it has sold the car?

Sure is, they can get a judgment for the balance due on the loan minus what the car sold for PLUS any fees incurred(repo,attorney,auction,ect.) It should be in the contract you signed.


My Car was repossessed what do I owe the bank?

They will auction the car and you will have to pay the difference of what you owe and what the car sold for.


How do you find out what price your repossessed car was sold for?

ASK the lender.


Can the loan co. who repossessed car tack on interest after car is sold at auction?

hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh


Is it legal for the car to be repossessed and still require payments to be made?

Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.


Can you reclaim your vehicle after it has been repossessed if you are willing to pay the full balance in Michigan your car was repossessed 2 days ago and Toyota financial is saying that they must auct?

technically, you have 20 business days to pay the balance owed plus all fees that were incurred during repossession.


If the creditors repossessed a car and then sold it at an auction can you be made to pay for the rest of the money that they didnt get out of the auction?

Yes, you will have to pay the deficiency plus repossession fees. Your obligation was the balance on the loan no matter what the car actually sold for. If you do not pay they will sue you and you will loose in court.


Can a car really get repossessed then auctioned for one cent and the owner be charged the balance?

It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.


Do have to pay the difference on a repo car?

Yes. If you take out a car loan, fail to make payments, and the car is repossessed, you will have to pay the difference between the price the lender received at auction and the balance remaining on your loan.Since repossessed cars are usually sold at wholesale auctions, the difference can be thousands of dollars.


Do you have to pay the whole vehicle off if it is repossessed?

Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.


After 8 years after your car was repo you are being sued i did not receive a letter after repo?

Did you borrow the money and sign a contract to repay the loan? Did you have your car repossessed because you failed to make your payments? They repossessed your car and sold it, and you owe the difference in what the car sold for and the balance on the loan. What difference does a letter or 8 years make. Be an honorable honest person. Pay them their money. Legally you may get out of paying but morally you owe them the money you borrowed.