answersLogoWhite

0


Best Answer

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

User Avatar

Wiki User

โˆ™ 2011-09-13 02:10:30
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
2.33
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
3 Reviews

Add your answer:

Earn +20 pts
Q: Do you have to pay the balance after the car was repossessed and sold 3 yrs ago?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

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

Yes.


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".


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.


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.


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.


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.


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


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.

People also asked