I don't know what state you are in, but in Illinois the bank by law has to provide you with a calculation of deficiency. We are battling the bank for the same thing. Had a truck repo'd was worth 15K, owed 15K, they sold it for 8K and now say we owe 6800. I want to know how and they keep denying any information saying it's confidential bank information. Write a letter of complaint to whatever agency oversee's this bank and look under your state's statutes for what the bank is liable for and what they have to provide by law.
Yes. It is perfectly legal for a repossession agent to take possession of a vehicle when they are acting on behalf of the lender. The repossession agency does not have the option of allowing the borrower to retain the vehicle even though proof is presented that payments have been rendered. Such issues are strictly between the borrower and the lender. The lender and/or court being the only parties that can rescind the repossession action.
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.
First off you will be required to pay the repossession fees unless you voluntarily turned the car in. Secondly you will be required to pay the deficiency. The deficiency is the difference in the amount the lender sells the car for and the amount you owe. Let's say you owe $10,000 and they sell the car for $8,000. That leaves you owing the lender $2,000. Thirdly this repossession will be placed on your credit report and will stay there for 7 years. Repossession should be the last resort after you have talked to the lender and done all you can to avoid this. Sell the car to another individual even if you have to sell it for less than it is worth, then pay the lender the deficiency out of your pocket to avoid repossession. Have someone take over the payments. Whatever it takes to avoid this.
Give me food and I will live give me water and I will die what am I?
What is 8 divided by 2(2 plus 2)?
What is the closest us capital to Canada?
Who was Hillary Clintons running mate in the 2008 presidential elections?
Easiest way to lose lower stomach fat?
What is the prefix of done?
Baseball players with 3000 hits 300 home runs and a 300 batting average?
Which is bigger 0.3 or 0.25?
Can you get sunburned in the shade?
What are the dog days of summer?
What is the toughest academic course according to the Guinness Book of World Records 2011?
Why do so many foods "taste like chicken"?
Who invented Lincoln Logs?
How did chickenpox get its name?
What is doomscrolling?
How did the Wiffle Ball get its name?
What investment is necessary for a yield of 500 dollars per month at 6 percent interest?
When two pieces of cui or other unclassified information are posted online together?
How do you transulate happy independence day in konkani language?
How many ODD DAYS IN DECADE?
Ano ang mga salik sa pagkakaroon ng Bilinggwalismo?
What is the meaning of the poem TO A LOVELY WOMAN To A Lovely Woman Angela Manalang-Gloria Shall I compare you to a rainbowed shower Drawing to earth the very arc of dream Or shall I say you are an or?
Ano ang pagkakapareho ng panitikan at kasaysayan?
WHAT IS THE EXPECTATION ON THE SUBJECT NSTP AND TO THE INSTRUCTOR AND CLASSMATE?
Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.