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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.
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∙ 9y ago
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Do you pay what is left on the loan or what the lienholder sells it for on a voluntary repossession of a car?
On ANY repo, you pay the balance due AFTER the car is sold. Payoff = 5K, car sells for 2k, fees = 1K, you owe 4K.
Will a car dealership payoff a leinholder?
Yes, If you are trading in your car, or selling your car, to a car dealership they will payoff a leinholder in the process.
Where do you get car repossossion permit?
who is allow to do Vehichle/car repossession? when is a vehichle/car repossession not allowed? whats the minimum insurance needed for car repossession?
How do you write a car repossession letter?
How do you write a car repossession letter?
Is concealing a car from repossession a felony in Georgia?
is concealing a car from repossession a felony in georgia?
Can you get your payoff of your car lowered if your car needs a new engine?
NO!
If you buy a car and it quits while you're on vacation and you call the person to come and repo the car in the state that you are in can you be held liable for paying for the vehicle?
This is called a voluntary repossession. What happens is the car will be auctioned in the condition that it is in and say you payoff is $12,000.00 and the auction for the car brings $9,000.00, there will be a judgment issued in the amount of $3,000.00. This will also stick with you on your credit.
How long does the repossession process of a car usually take?
The repossession process of a car usually takes about 6 months
How can you get your car payoff lowered?
Talk to the lender about this.
How hard would it be for a person to get a car back after a repossession?
1st repo?? Pay the arrears and repo fees, have ins. coverage 2nd repo??? Most likely have to payoff the loan unless the lender is in a really good mood. Read your contract
How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
Can you get a personal loan after a car repossession?
You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.
