If the lender sold your car for more than the amount owed but fees are still due, such as the repo fees, storage charges, state taxes for selling etc.--it could be that you may still owe. I would ask for a letter that itemized all their costs and see how they come up with the figure you still owe. They HAVE to keep you informed. If you can, have an attorney look at it and tell you if what they have done is correct. Now--if you still owe- take care of it, borrow from a bank, a relative, if possible--depending on the balance owed--they can place a judgement and/or garnishee your wages.
As soon as the lender sells the car, they will know what the balance due is. Then they will come after the money. You will know when that happens.
Likely you will have to pay the loan off after the lender sells the car. lenders have some legal options that will collect from you.
The lender sells the vehicle, sometimes at auction. They attempt to get whatever they can for it. Often the price the lender gets is less than the outstanding loan. If the lender gets less for the vehicle than the amount that is owed, the lender will seek the balance (the difference between what was owed and what they sold it for) from the borrower. So, lets say you bought a car for $1000. You quit making payments. You still owed $800 when the vehicle was repo'd. The lender sells the vehicle at auction and gets $500 for it. The lender will come after you for the remaining $300. That's pretty much how it works. Bottom line: make your payments. This is where aflac comes in handy.
In MOST cases, YES. PS. Its not the "value claimed", its the diiference between what you owe and what the lender sells it for.
Depends on the contract you signed with the lender. Read your contract. The lender does not want to repossess your car. Contact the lender immediately and work this out. The worse thing you can do is not do anything. Let your car be repossessed and you will ruin your credit for 7 years and pay the difference in what the lender sells the car for an the balance on the note. Bad idea. Work it out!Depends on the contract you signed with the lender. Read your contract. The lender does not want to repossess your car. Contact the lender immediately and work this out. The worse thing you can do is not do anything. Let your car be repossessed and you will ruin your credit for 7 years and pay the difference in what the lender sells the car for an the balance on the note. Bad idea. Work it out!
If you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.
Truthfully a repossessed vehicle sells for what the bank is trying to get out of it and that is usually what is owed on the original loan and sometimes they will accept less for a number of reasons just to get rid of it and that would be damage to the vehicle, age and mileage.
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
They will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact the lender and work something out.
Payments are the entire balance due after the lender sells the car and YES, in most states they can garnishee your wages.
Your credit is damaged. You are then responsible for the difference in what the lender sells the car for and the balance on the note. It cost you in more ways than one. Don;t let it happen to you. The lender does not want to repo the car. Work out something with them.
Yes, if the lenders sells your loan to another lender. If you refinance -- No.
You will in the end pay for the repair. They will sell the car, it will bring way less than if it did not need the repair, you will pay the difference in what it sells for and the balance on the loan. Having it voluntary repossessed was a very bad idea. Now you will pay, and have bad credit to boot. It depends on the value of the car. Most of the time the lender will not take the vehicle if the cost of repair is more than they want to spend. Say the car is worth $10,000 and the lender figures in the repair cost, the fees, tow, etc., it's not worth it to them. However, you still have to pay for the car unless bankruptcy is filed. If you file and claim the car and surrender it,the lender may not pick up the car and you will no longer will be responsible for ANY payment to the lender. It sounds like you bought a used vehicle which the lender wouldn't want anyway.It just depends on the type of vehicle and the value.
YES, in most states under most conditions.
If you don't work, you have no money. If you have no money, you can't get your car back. It will be sold at auction and you will be responsible for paying the difference of what it sells for and what you owe. If it sells for MORE than what you owe, you should get a check for the difference.
The primary mortgage lender holds the first mortgage. If his mortgage is not paid, he sells the property. He gets paid. You may have a second mortgage. If the second mortgage lender is not paid, he can sell the property. If he sells the property, the primary mortgage lender gets paid first, then the secondary lender gets paid.
Chrysler sells their repossessed car at auction.
YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years. You would however save to repo fees such as towing. Do not do this. Call the lender and work something out if possible.
Generally, when real estate is purchased the buyer must borrow the purchase money from a lender. The buyer enters a contract with the lender and one of the terms of the contract is that the lender can take possession of the property and sell it if the borrower defaults on the payments.Foreclosure is the legal proceeding by which a lender terminates a mortgagor's interest in the property after the mortgagor has failed to make the payments. The foreclosing lender takes possession of and sells property.
if you auction the car off and it sells for less you owe the lender you must pay the differenceif it sells for more then you owe the lender nothing
The fact that you are ill has no bearing on this. You borrowed money to purchase the car. You have a responsibility to make the payments each and every month. If you are having health problems, then talk to the lender and see what can be worked out. Do not allow your car to be repossessed if possible. Let someone else take over the payments, sell it, do what it takes to avoid repossession. Once your car is repossessed, you will still have to pay the difference in what the lender sells the car for, usually wholesale, the balance on the loan, and repossession fees. Your credit will also be ruined for 7 years. Repossession is the last thing you want to happen. Good Luck.
Your car will be repossessed, your car will be sold, you will be responsible for the difference in the price the car sells for and the balance on the loan plus repossession fees, and your credit will be ruined for 7 years. Contact the lender and work something out. Don't let this happen to you.
Usually, yes. The same follows with cars.
Most states do not have a cooling off period. Witch means that if you buy a car and then change your mind you are still responsible for making the payments. If you fail to make the payments your vehicle will be repossessed and sold to satisfy the lean holder. So no you will not get your money back, in fact you may have to make up the difference if the car sells for less than the loan amount.
You still owe the balance (the amount you owed minus the amount the lender sold the foreclosed home for).