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Is a lease repossession the same as a purchase repossession?
About the same. Don't make your payments and they will come get it. Then you still owe the difference as stated on the contract.
Do i owe on a car repossession over 7 years old?
Yes, There is no statute of limitations on financial matters. You can probably challenge it being on your credit report. But you still owe the money.
How will you know what you still owe the creditor after a repossession?
The amount you will owe the creditor will be the amount of your auto loan (including repossession fees, interest, and collection charges) minus the amount the vehicle sold for at auction. The creditor will notify you of the amount due in writing after they auction off the vehicle.
What to do if you have to go to court for a vechicle repossession?
Pay the money you owe
Who to sale a car that you owe for?
license require for repossession in ga
Can you still owe money after your motorhome is repossessed?
Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.
How can you erase a repossession from credit report?
It can not be erased. If it has been paid, it will come off your credit in 7 - 10 years. If you still owe money on it and they report monthly that you owe an amount, it can stay indefinitely. If you owe money, but they are not reporting it monthly to the credit agencies, it i will come off in the 7 - 10 years.
Do you have to payoff a car repossession?
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.
If you owe on your car and its towed will your lender pay the costs?
Only to recover the unit for repossession.
Do you still owe the bank when a car gets repossessed?
Usually, yes. The bank will dispose of the car (often by auction) and then come to you for whatever they lost and all fees associated with the repossession and sale.
Do you owe Ford Credit If you voluntarily turn the truck in and Ford Credit sells vehicle at auction?
Each state is different, however, in most states the amount that the vehicle (collateral) is sold for is deducted from what you owe. You will still owe the remaining balance. If the collateral is sold for more than you owe, plus repossession/reconditioning expenses, the lien holder (bank) is in turn required to rebate you the difference.
Is there a hardship law for volunteer repossession of a car in Georgia?
Yes, it is called bankruptcy. Move quickly though. If the lender obtains a judgment against you before you file bankruptcy, you will still owe on the loan.
