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== == I know they can't garnish your wages but not sure about liens.

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โˆ™ 2009-01-09 21:25:19
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Q: How long after you have a voluntary repo can the lender hold you responsible for the remaining balance in South Carolina?
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I'm a co-signer on another car and I'm doing a voluntary repo on my car how does that effect me?

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.


What happens when you can't pay the remaining balance of a voluntary return?

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.


If you voluntarily return a vehicle to the finance company are you responsible for the balance after the sale of the vehicle?

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.


If you did a voluntary repo on your truck do you still have to pay any money that they will not make reselling it?

Yes, you're responsible for the balance.


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.


What happens if you haven't paid the remaining balance after the repossession?

"remaining balance" as in what you are behind OR the remaining balance due on the loan??


In North Carolina can they sue or put a lien on your business for the remaining balance of a car repo?

YES, a lender can get a judgment for the balance owing on a loan after repo.


Where do you stand if repossessed truck is sold for less then the loan?

You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.


If you let the lender keep your car and they resell it are you still responsible for the remaining balance?

Read your contract. In 99% of the repos , YES, you still owe the balance due.


Can you be responsible for remaining balance of debts that were paid out of estate?

Typically, no, there may be some exceptions based on co-signers and benefiting from the estate.


Can you sue a co-debtor for the balance remaining after your repossessed car was sold if the co-debtor was declared responsible for the debt by the court but never paid?

Yes, you can sue a co debtor for at least half of the remaining balance. You would owe part of it as well.


If you have a car repoed in South Carolina do you have to pay the remaining balance of the loan?

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.

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