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In California what happens if a vehicle has been charged off and it has been over a year and you still have it but there has been no contact or correspondence from the bank regarding a repossession?
It might get repossessed.
Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
What can happen if you don't pay a title loan and you still have the car?
The vehicle can be repossessed.
Can you still owe money on a car that was repossessed and resold to another buyer?
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
Can your vehicle be repossessed after the loan and security agreement has expired but you still owe a considerable sum?
Loan and security will always be active against the vehicle. It never goes away until paid or repossessed. Yes, the collateral may be repossessed at any time.
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.
Do you still owe title loan after vehicle is not working and repossessed?
YES! Including any interest.
Can you buy a car that is repo from a friend?
Provided the lender still holds the lien on the vehicle, it will still be repossessed and you will find you have a problem with a former friend.
Can you still get insurance and registration if your hiding from a loan company on a vehicle?
If you have defaulted on your loan and not returned the vehicle, then you have basically committed a theft.
Can a vehicle still be repossessed if written off?
Yes most likely. If the lender is still on the title, if not then they cannot, without some sort of court order.
You received a ticket for no proof of insurance and expired tags However the car was then repossessed by the bank So you cant obtain insurance on the vehicle to show the court How do you clear this?
Actually, if you move quickly, you can still secure insurance on the vehicle. Here's what you do:You will need the vehicle registration, so if you are like the 99% of us out here who leave it in the glove box, go claim your property and get the registration.With the registration, get your insurance.renew your tagsClear it with the court.If after a couple days you do not intend to redeem the vehicle, cancel the insurance.
If a car is repossed you do you still pay the reminder of balance?
When a vehicle is repossessed, it is usually put up for auction. If the monies recovered from the auction is not enough to cover the outstanding balance on the loan, the person the vehicle was repossessed from is expected to pay the difference. It's a bummer, but that's how it goes.
Do you have to pay the difference on a repossession car loan?
Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.
If creditor has threatened to repossess if a certain amount is not paid and you have paid partial can the vehicle still be repossessed?
As long as the contract is in DEFAULT, the collateral CAN be repossessed. One dollar or one day. Its a GAMBLE you take when you are in default.
Your vehicle was repossessed and sold at the auction after the fees you still owe 292 how will this reflect on your credit IF you pay it off?
It will show as paid or satisfied.
When a car is repossessed are you still responsible if is involved in an accident?
Once the agent takes possession of the vehicle, they are responsible for any damages which occur.
If my car has been repossessed can I still trade it in for a different vehicle?
No, you no longer have anything to trade (the car is now the property of the repo company not you).
If your car is repossessed do you still have to pay for it?
The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.
You owe money on a repossessed car but the car was refinanced to someone else do you still owe?
I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.
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).
Is a creditor allowed to continue calling debtor after a vehicle has been repossessed but not sold?
Yes. Even after the vehicle is sold, you'll still owe them the remaining balance of what you borrowed, and they'll continue to call.
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
If you hold the title and its in your name can your vehicle still be repossessed?
Well, if the title lists no lienholders, it cannot be repossessed. If it lists one, it would be best to surrender it or don't keep anything in it of value. Yes. Even if the lien is not recorded on the title, it hass probably still been filed with the state.
Do you still have to pay part of the loan depending on the value of the car if it is repossessed in California?
YES, you pay all the loan amount, sooner or later.
Can a lender continue reporting late payment when th vehicle is already possessed and sold?
Yes. When a vehicle is repossessed, the lienholder has to try reclaiming what they can of the loan that was made for the vehicle. A repossessed vehicle typically gets sold at wholesale auctions, and the amount paid for it is typically substantially lower amount than what's owed on the lien. You as the lessee are still liable for the remaining balance owed on the vehicle, plus the fees for repossession, storage of the vehicle, auction fees, etc.
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