If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?
Contact the lender or the repossession agency in writing and request a copy of the report of sale.
miss a couple of car payments and you will find out!
Yes you do. They repossess the car and then sell the car. You are responsible for the difference in what the car sells for and what you owe on the car. You will also pay any fees associated with the repossession. Let's say you owe $10,000 on the car and the sell the car for $8,000. You will then owe $2,000 plus repossession fees that can fund into as much as $500 or more depending on how much effort is required to find and repossess the car.
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.
can't really understand your question. you mean how to find out how much a car can be sold? you can check out some free car classifieds sites and compare prices to get idea with regards to how much is the value of a car. the mileage and condition of the car is a great factor when pricing a car.
How do you write a car repossession letter?
who is allow to do Vehichle/car repossession? when is a vehichle/car repossession not allowed? whats the minimum insurance needed for car repossession?
When your car is repossessed, what you will get will depend on your local governmental regulations. When I was in a car wreck, I was able to go by the junk yard and get my tool kit out of my car.
is concealing a car from repossession a felony in georgia?
The lender will tell you when they notify you of the Balance due.
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.