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
IF the lender obtained a judgment for the balance due, YES.
NO, there are no more "DEBTORS PRISONS".
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.
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.
As soon as they sell the car so they will know what the balance due is.
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.
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.
Randy, IF it sells for more than the unpaid balance, you should receive the excess.
There is nothing you can do till the car is sold.
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.
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.
NO. It can be sold any way the bank wants it to be sold
ASK the lender.
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.
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.
They will auction the car and you will have to pay the difference of what you owe and what the car sold for.
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.
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.
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.
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.
It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.
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.
You will also be liable for any deficiency balance