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.
As soon as they sell the car so they will know what the balance due is.
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.
There is nothing you can do till the car is sold.
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.
Randy, IF it sells for more than the unpaid balance, you should receive the excess.
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.
NO. It can be sold any way the bank wants it to be 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.