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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.

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โˆ™ 2015-07-15 21:26:15
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Q: Does the lender have to disclose what they are charging you for after a repossession?
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Related Questions

Are the Lender of a repossession allowed to charge a storage fee and a repossession fee in the state of California?

In the state of California, the lender of a repossession may only charge fees that it incurs and that are in the contract. If the lender pays for the storage or houses the repossession, then yes, the lender is allowed to charge both a repossession and a storage fee.


What are the repossession laws in New York?

Repossession without judicial process is allowed if the lender has not breached peace. A lender repossessing an automobile must issue a notice to the borrower, and a lender can sell an item via public auction after repossession.


In Texas do you need a writ of repossession?

No, all that is necessary is a valid repossession order from the lender.


Can a lender garnish wages after repossession in North Carolina?

Yes a lender can garnish your wages after a repossession. If the resell value of the item does not cover the cost needed to repay the lender, you are still responsible for paying the balance.


Can a lender disclose my credit report to my spouse with out my approval?

No.


Can auto repossession be negotiated?

The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.


How long does the lender has to redisclose on a home equity loan?

How long does a lender have to re-disclose to the consumer after a change in circumstance?


Can a lender take legal action against the homeowner?

It's called repossession. The lender owns the property, the homeowner is making payments.


If you are threatened with a repossession can you pay the balance before they repossess the car?

IF the lender accepts it you can.


How do you get a car back from repossession?

It is sooo SIMPLE, you CONTACT the LENDER for further instructions.


What is the concept of repossession about?

Is is common knowledge that the concept of repossession is the taking back of property by a lender or seller from the borrower or buyer, usually due to default.


Can a repossession agent take a vehicle without waiting for the borrower to show proof that payments have been made?

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.


What is a repossession order used for?

In a repossession order, a lender can repossess one's home if the court approves and grants permission. The judge could either set the case aside or give a repossession order.


Can you reinstate an auto loan after repossession in the state of Washington?

If the lender agrees, yes. The matter is entirely up to the lender because the borrower is in default.


Can a lender garnish your wages after an involuntary repossesion in Georgia?

A lender can garnish your wages if you have outstanding debts and the court has confirmed this. The repossession itself is irrelevant.


Where can you find a repossession form?

For what state, lender, ect??? wonk at 14ma dot com


How do you findout if your car is in a repossession list?

Call the lender you make your car payments to and ask.


If you owe on your car and its towed will your lender pay the costs?

Only to recover the unit for repossession.


What is replevlin?

The judicial method of repossession - in other words most states allow for self-help repossession but when a repossession can not be accomplished using self-help the lender will file an action in court to recover the property


Is the cosigner of a vehicle liable if the it gets repossessed?

Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.


If i am 167 days delinquent on your car payment's. can you work something out with the lender to avoid repossession?

No one can answer this question except the lender. You need to contact them and ask.


How will voluntary repossession of my home in Texas affect my credit?

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.


What are the repercussions of an automobile repossession?

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.


If you purchased a car in Delaware and moved to Texas what are the laws for repossession?

The legal remedy for vehicle repossession is covered by UCC laws. Regardless of where the lender is located the car can be repossessed under the laws of the state where it was purchased or where it is now located, whichever means is most advantageous to the lender.


Can you get your vehicle back after repossession?

The first step is to contact your lender. They will have those answers. It usually involves making up past payments, and paying the repossession fee, and perhaps storage.