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.
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.
miss a couple of car payments and you will find out!
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.
Depends. Are you receiving the car or are you selling the car.Repossession = againRepossession = ownershipRepossession = gaining ownership again
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.
who is allow to do Vehichle/car repossession? when is a vehichle/car repossession not allowed? whats the minimum insurance needed for car repossession?
How do you write a car repossession letter?
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.
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.
is concealing a car from repossession a felony in georgia?
The lender will tell you when they notify you of the Balance due.
You have to pay off the debt. The car itself will take car of part of that when the lienholder sells it at auction. You'll have to make up the difference between what it sold for and what you still owed (and you'll have to pay for the repossession expenses also). If by some miracle the car sold for more than the debt and the repossession expenses, then you should get a check back for the balance. However, how they'll handle this is almost certainly not by having you "finish payments". Call the lienholder and find out what they want you to do.
If my car is repoed and the car is not worth as much as I owe am I responsible to pay the differance?
1st place to look would be at the car lot you bought it from.
If by settled, you mean get your car back, no, unless the bankruptcy was filed before the car was sold at auction (unlikely to be several months).
Yes, because reguardless of what the company did after they took back the car, the fact still remains that it was repossesed.
Most major cities will have a car repossession auction. However, most of these will only occur a few times a year. Sometimes it will be advertised on television, or it will be in a newspaper posting.
The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.
they find your car because when you register your car and get your plates and tabs it puts it in to a record and so if you don't pay a car payment or your car is in repossession then they can look up your cars file and get your address.
Most likely. Find a repossession company in the state the car is in, they should be able to handle it for you.
The repossession process of a car usually takes about 6 months
Usually you will get a sale letter from the finance company or bank letting you know where the car will be sold, at what auction, and once it is over they will send you a letter of how much the car sold for and the remainder they will send you a bill for. This is concerning a public auction of your vehicle. If it was sold privately by the dealership or whomever, the only thing to do is call and ask.
as soon as they can find it