NOT unless the contract stipulates that it will be. Otherwise, it is a contract in DEFAULT with the collateral in the lenders possession.
The lilelihood is very good, almost certain, you will have a balance due after the sale. The only way they could get the full amount due is IF you had made a HUGE downpayment. You will have a repo and a judgment on your CR IF you don't pay any deficiency balance.
Yes.
YES, read your contract.
no, they will sue you for the balance owed after the sale
Paying the car off was good but having to repo it to get it paid off was BAD or negative. the lender did report that it was PIF,HUH?? So they reported the good and the bad.
The lilelihood is very good, almost certain, you will have a balance due after the sale. The only way they could get the full amount due is IF you had made a HUGE downpayment. You will have a repo and a judgment on your CR IF you don't pay any deficiency balance.
Payments made after a car is repossessed will no longer be returned to the debtor. In fact, the lender can still require the debtor to pay the remaining balance of the loan.
No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.
Yes.
Yes.
You will also be liable for any deficiency balance
IF the lender obtained a judgment for the balance due, YES.
YES, read your contract.
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
no, they will sue you for the balance owed after the sale
Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no
Paying the car off was good but having to repo it to get it paid off was BAD or negative. the lender did report that it was PIF,HUH?? So they reported the good and the bad.