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You pay what is owed after the creditor sells the car for. So if you owed 10,000 and the creditor sells it for 8000 at an auction, then you would owe the remaining balance.
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∙ 12y ago
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Can you go to jail if you can't afford to pay the balance owed on a repossession and have no real property?
NO, there are no more debtors prisons.
What happens if you do not pay the remaining balance after a repossession?
You can be sued for the amount owed. Pursuant to that, you could have your wages garnished or be arrested for contempt if a judgment is placed against you and you refuse to pay.
Can you get a repossession off your credit if you pay the past due amount immediatley?
Actually, it doesn't just come off your record. It will show as a repossession, but it will show as no balance due.
Do you still have to pay on a loan after your car is repossessed?
Yes, provided there is still an outstanding balance after the repossession and resale are completed. This is the case in most situations, due to the added cost of repossession, storage, and transport of the vehicle that will be assessed to you. If it remains unpaid, the lender may (likely will) file legal actions against you to recover the balance.
If you pay off the balance on your repossessed car to get it back do you have to pay the balance owed with interest based on the original 5 yr loan?
Unless you get the lender to agree to an offer, you will pay the balance due for payoff(repo fees, late charges,ect. have likely devoured any reduction in interest you would have seen for early payoff)
Can you go to jail if you can't afford to pay the balance owed on a repossession and have no real property?
NO, there are no more debtors prisons.
What happens if you do not pay the remaining balance after a repossession?
You can be sued for the amount owed. Pursuant to that, you could have your wages garnished or be arrested for contempt if a judgment is placed against you and you refuse to pay.
You surrender a car and cant pay what happens?
When you surrender the vehicle, it will be sold at auction. The purchase amount will be applied to the balance owed on the loan, repossession fees, interest, penalties, and transportation costs. If the purchase amount exceeds this, the remaining amount should be refunded to you. If the purchase amount is less than the owed balance, you will still have to pay what is owed. If you fail to do so, the lender may seek judgment against the amount owed. This can increase the balance owed again, due to court costs, legal fees, and collection costs.
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 you are threatened with a repossession can you pay the balance before they repossess the car?
IF the lender accepts it you can.
If I voluntary give back a Motocycle for repossession will you have to pay the total owed on the loan to take back the motorcycle?
Probably.
How Do you find out for free if your repossessed vehicle a month ago has been sold and for how much?
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.
Are you required to pay the repossession fee in Texas?
Yes, you are required by your contract to pay any fees applicable to your account. You will pay the repo fee either by paying directly to the repo company before you redeem your vehicle or the bank will pay the fee and it will be added to the balance owed. So, either way, you will pay it. Check your finance contract.
If you file bankruptcy do you have to pay the balance after a repossession?
It depends of which B/K you file and whether you complete it.
What can you do about a repossession if you only owed 717 dollars and you were never contacted about the repossession?
Pay the money. You don't have to be contacted about the repossession; you are aware of the terms of your loan in your contract. If you're behind, pay what you owe so you can get the vehicle back. * The amount owed is not relevant. The following states require "right to cure" notification before repossession action can be taken: Colorado, Connecticut, Iowa, Louisiana, Maine, Massachuetts, Missouri, South Carolina and West Virginia and Wisconsin (replevin order required).
Can a finance company garnish your pay for a car that was repossessed in 2004 and tack on 9000 dollar more then what you owed they started the garnishment in 2009?
If your car is repossessed you are responsible for the difference in what it brought when sold by the loan company and what you owed, plus the repossession charges. That is more than likely where the $9,000 comes from. Rarely does the car bring even close to retail, and most often is sold at wholesale price. This leaves you in the hole for the balance which you will have to pay. This is repossession is such a bad idea. You need to seek legal advice from a lawyer.
Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
