The primary borrower is responsible for this debt, but if they do not make arrangements to pay the remaining balance of this debt (once its auctioned off) then you will be fully responsible for the remaining balance.
The lender will sell the vehicle and you are responsible for the deficency. They will sue you for the balance left on the loan after the sale of the vehicle. The court will order you to pay and they can garnishee your wages.
Yes, a voluntary repossession does not mean the buyer is not responsible for any of the remaining loan debt according to the original contract terms or for any additional fees.
Yes, you're responsible for the balance.
"remaining balance" as in what you are behind OR the remaining balance due on the loan??
YES, a lender can get a judgment for the balance owing on a loan after repo.
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.
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
Read your contract. In 99% of the repos , YES, you still owe the balance due.
Yes. Additionally, you will be responsible for any late fees, repossession fees, storage fees, transportation fees, and legal fees and court cost incurred during the repossession process.
As far as I know, in this state if it's repo'd it's sold at auction then your responsible for any balance left remaining between what's owed and what it brought at auction. But that's here and could be different by state. Yes you can, If the car is taken from you, you can be held legally responsible. They will take and sell the car at auction to the highest bidder. You are then responsible for all costs inccured from the sale. The balance remaining.
Typically, no, there may be some exceptions based on co-signers and benefiting from the estate.
Yes, you can sue a co debtor for at least half of the remaining balance. You would owe part of it as well.
No, we no longer have slavery or debtor's prisons. It's unconstitutional.
No. The balance is an unsecured debt and is discharged. Sometimes people do not do the paperwork correctly, which can cause problems.
Both are responsible until paid in full. It will also be on both credit reports as well.
Vestibular apparatus from the middle ear is mainly responsible for balance.
who is responsible for confirming your bank account balance
The company physically takes possession of the car. They sell the car, and apply the sale price to the outstanding loan. You are then responsible for the remaining balance.
Who loaned the money?
If you don't pay the balance of the loan after repossession, the lender can take you to court for the remaining balance or they can charge it off. Neither is a good thing, so it is best to pay the remaining balance as soon as possible. ___________________________________________________ Most vehicles that have been repossessed are sold at auction. When this occurs, you are responsible for any balance that remains less the monies collected from the sale. If a balance remains and you fail to pay it then the creditor or lending agency can sue for the balance due plus legal fees.