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this sounds soooo simple. UNTIL you get it payed off or discharged by B/K. Lenders will sometimes accept a CASH offer, so keep that in mind at refund time. B/K will clear off the debt but your already bad credit will be even worse by doing so. Try to pay something on a regular basis if possible. Good Luck

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โˆ™ 2015-07-15 19:45:27
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Q: How long do you have to pay off the balance after your repossessed car is sold?
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Related Questions

Can you get sued for the balance of your car loan after the car is repossessed and sold?

Yes.


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.


Can you go to jail if you do not pay all of the remaining balance after a repossessed car is sold?

NO, there are no more "DEBTORS PRISONS".


How long before you don't have to pay off a car that was repossessed?

The lender will pursue collections for any unpaid balance for seven years from the date the car was sold after being repossessed. If the balance is large, they may pursue legal judgment. Obtaining this, they will have ten years from the date of judgment or last payment.


If your car gets repossessed how long until you find out how much you owe?

The lender will tell you ASAP after the repo if you call and ask. Or they will send you letters stating the BALANCE due after the car is sold. Communications is the way to go.


Approximately how long does it take after your car is repossessed for them to come after you for the deficiency?

As soon as they sell the car so they will know what the balance due is.


Why would you get a refund for overpayment on a repossessed car?

When a vehicle is repossessed, it will eventually be sold at auction. Occassionally, the amount received from the sale is greater than the balance owed. On these occassions, the excess is sent to the debtor.


Can your wages be garnished for a car that was repossessed?

Yes, if there was a deficiency balance owing after the car was sold at auction. Your creditor would have to sue you and obtain judgment in order to garnish your wages.


What happens if your repossessed car is sold for more than you owed?

Randy, IF it sells for more than the unpaid balance, you should receive the excess.


What can you do if your car was repossessed but was not changed out of your name?

There is nothing you can do till the car is sold.


If your car gets repossessed and you choose not to pay for it can they take your tax return?

If the lender has placed a judgment against you for the deficit balance (balance left after the car is auctioned/sold), then yes in most states, they can take the tax return and apply it to the balance owing.


If you owe more than the car is worth what happens if it gets repossessed?

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.


Does a repossessed car have to be sold at a public auction?

NO. It can be sold any way the bank wants it to be sold


How do you find out what price your repossessed car was sold for?

ASK the lender.


Can you still owe money after your car is repossessed?

Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference and will have to pay it.


Approximately how long after your car is repossessed do they come after you for the deficiency?

As soon as the lender sells the car, they will know what the balance due is. Then they will come after the money. You will know when that happens.


My Car was repossessed what do I owe the bank?

They will auction the car and you will have to pay the difference of what you owe and what the car sold for.


If your car was repossessed is there a law stating how much a finance company can sue you for after it has sold the car?

Sure is, they can get a judgment for the balance due on the loan minus what the car sold for PLUS any fees incurred(repo,attorney,auction,ect.) It should be in the contract you signed.


How do you stop collections on a repossessed vehicle My car was repossessed in Missouri the bank sold it and now a collector wants me to pay the balance not the difference. Any advice I need help?

When your car is repo'd and it is auctioned off you are to pay only the balance of what you owe on the loan. So if you owed 10,000 and is sold for 8,000 you pay the balance of the loan whic is 2,000. If you have collections on your credit report call and have it investigated this way they cant keep renewing it for 7 years.


Do have to pay the difference on a repo car?

Yes. If you take out a car loan, fail to make payments, and the car is repossessed, you will have to pay the difference between the price the lender received at auction and the balance remaining on your loan.Since repossessed cars are usually sold at wholesale auctions, the difference can be thousands of dollars.


Is it legal for the car to be repossessed and still require payments to be made?

Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.


Can a car really get repossessed then auctioned for one cent and the owner be charged the balance?

It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.


If the creditors repossessed a car and then sold it at an auction can you be made to pay for the rest of the money that they didnt get out of the auction?

Yes, you will have to pay the deficiency plus repossession fees. Your obligation was the balance on the loan no matter what the car actually sold for. If you do not pay they will sue you and you will loose in court.


Can the loan co. who repossessed car tack on interest after car is sold at auction?

hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh


What happens when a car is repossessed and you are the cosigner?

You will also be liable for any deficiency balance