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How long do you have to pay off the balance after your repossessed car is sold?
Wiki User
∙ 8y ago
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
Wiki User
∙ 8y ago
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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.
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.
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.
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.
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.
