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Does your partial downpayment have to be returned to you if you never paid the balance and the dealer repossessed the car a few weeks after purchase?
Wiki User
∙ 2015-07-15 18:40:03
NOT unless the contract stipulates that it will be. Otherwise, it is a contract in DEFAULT with the collateral in the lenders possession.
Wiki User
∙ 2015-07-15 18:40:03
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Are you likely to have to pay the balance if the finance company cannot get full amount for the repossessed car and how much does it hurt your credit?
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.
What happens to payments made after a car is repossed?
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.
Can your driver's license be suspended for not paying the balance of a loan after the vehicle was repossessed?
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.
Can you get sued for the balance of your car loan after the car is repossessed and sold?
Yes.
If your veh is repossessed in OKLAHOMA can you be garnisheed for any unpaid balance after auction?
Yes.
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
Do you have to pay the balance after the car was repossessed and sold 3 yrs ago?
IF the lender obtained a judgment for the balance due, YES.
Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?
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.
When a car is repossessed does the finance company have to sell it for the amount it is worth?
no, they will sue you for the balance owed after the sale
You have one day before your car is repossessed is there any payment options?
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
If a car is repossed you do you still pay the reminder of balance?
When a vehicle is repossessed, it is usually put up for auction. If the monies recovered from the auction is not enough to cover the outstanding balance on the loan, the person the vehicle was repossessed from is expected to pay the difference. It's a bummer, but that's how it goes.
