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It helps your pocket but NOT your CR. The repo is still there unless you negotiate with the lender to remove it also.

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โˆ™ 2015-07-15 21:29:49
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Q: Does it help your credit if the lender agrees to accept a lesser amount than owed on a repossession balance?
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Related Questions

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.

When a physician agrees to become a Medicare provider he agrees to accept assignment for all claims he submits This means that Medicare sets an allowable amount for a service When the claim is su?


What does the allowed amount in an insurance contract mean?

The allowed amount is the amount that the insurer will pay for particular service. In the context of health insurance, for example, it is the amount that the insurer will pay for each covered procedure. The allowed amount is usually the amount the insurance provider deems the services received to be worth. This amount can also be set by provider contracts with the insurer. These are contracts where, for instance, an insurance company agrees to pay 80% of the standard rate of the provider. In most managed care arrangements, the provider agrees to accept that amount in full payment and not to bill the insured for the balance.

Will a creditor accept a lower payoff amount?

A creditor will usually accept a lower payoff amount when requested. Usually a lump sum payoff will result in a lower due balance.

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.

What is accounts payable balance sheet?

Accounts payable on the balance sheet is the amount of money the company owes its vendors from invoices the company has received from them (and assuming the company agrees they owe the money)

You returned a car you purchased because you could not pay for it?

That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.

Can the amount of a past due credit card balance be reduced?

Original creditors will not accept a settlement for less than the amount owed. Collectors who purchase an account will usually be willing to accept an amount for less than the full balance of the account rather than pursue lengthy and expensive litigation procedures.

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.

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.

How will a repossession affect your credit report?

A repossession is a significant derogatory mark against your credit. The account appear with a similar status as any collection or charge off account. In repossession, the collateral is often re-sold with the amount received being applied against any remaining amount owing on your loan. If the collateral is sold for less than what you owed, the amount left over, called a "deficiency balance" is still your debt. The creditor can actively collect on this, report it on your credit report and sue you to recover the amount.

How can you find out how much your car was sold for after a repossession?

I believe that once the car is sold at an auction or other means, you are suppose to be provided with paperwork showing you the amount it sold for and any remaining balance. If there is a remaing balance, you will probably be ask to pay it.

If you make one payment when payments are behind can this stop the repossession?

Check your loan contract, but in most cases (99.99%) if the payment does not represent the total past due amount, or if you do not have arrangements with the lender setting asside repossession actions in lieu of payment arrangements, no; one payment toward a past due balance will not stop or delay repossession of the vehicle.

What is the largest amount a reposession cost can be in California?

There is no set limit on the amount that can be charged for a repossession.

Liability of debtor after vehicle repossession in state of Texas?

The debtor is liable for the payout balance of the vehicle less resale amount. Additionally, he must pay any repossession fees, storage fees, transportations fees, interest from the lender, and penalties. In the evnet these are not paid, the lender will have no other recourse but to sue for the balance along with court costs, and legal and collection costs and fees.

What happens if you can't pay any remaining balance on a repossessed car and do not have a job?

The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.

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.

What is the difference between the submitted amount and approved amount on an insurance claim?

The payment a participating provider agrees to accept for a service. The approved amount is decided by insurance company fee schedules, CPT® coding standards and generally accepted insurance reimbursement rules.

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 happens after a repossession?

After a repossession, you will need to pay a fine usually. For example, if this was a car being repossessed, you would have to pay a certain amount to get it back.

What is the maximum automobile repossession fee that can be charged in Texas?

Some states have set maximum amounts for repossession fees. The state of Texas,. however has not set a maximum amount on the fee that can be charged for a car repossession.

Can you getcar back after repossession?

Yes, but you have a very limited amount of time to do it in.

What are the repossession laws in Oregon?

Recovery Requirements: Self help repossessions permitted as long as there is no breach of the peace. Deficiency balence: deficiencies and suit is permitted regardless of loan balance,deficiency amount, or time limit from date of repossession to date of sale, to date of suit. Redemption, Creditor may demand loan balance plus expenses. the state allows the debitor 10 days to redeem with the balance. License plates are to remain with the vehicle, custom plates stay with the owner. repossession agency's are required to be licensed.... Contact the Oregon State Attorney General's Office or you could probably also contact a repossession agency in Oregon, just don't tell them you are a debtor. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace.

If somebody is willing to pay the whole due amount after repossession do they have to pay the interest they owe?

The lender will tell you the balance due to payoff the loan. YES, it wil most likely include interest. Read your contract.

How long does a repossession stay on your credit score?

A repo will stay on your credit report until the remaining balance is paid off or settled, you still owe the amount left on the vehicle even though the car is not in your possession.