Repossession
Loans
Liens

How long to you have to pay back what you owe after your car has been sold at repossession?

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2015-07-15 19:47:25
2015-07-15 19:47:25

Well after I got my car repoed it took me till Oct of the same yr to pay the lender off with a new charge off amount repoed in April 2003 paid in full Oct 2003 on my credit report it shows as a charge off. I paid it off in 6 months I refinanced my home to pay off he difference. In between time I had their Collection agents call me and make pymt options at the time but I told them I would be refinancing my home anytime and pay off the amount I owed.

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Of course, call your bank and pay them what you owe and they will let you have it back as long as you have not waited so long that they have sold it to someone else.

You really don't. Bt you can make an estimate. Take the amount owed on your loan at the time of repossession. Once the car is sold, the lien holder will contact you. See, they're not likely to get the full amount owed by you at the auction, so there'll be a remaining balance. They're going to expect you to pay that back still. They'll tell you what that amount is. So you subtract that amount + repossession and storage fees from the balance you had prior to the repossession, and you'll get a rough idea of what it was sold for at auction.

If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?

If your house is repossessed and is sold for more than you owe, you are supposed to get the extra, less the costs of the sale and perhaps also costs that the back incurred.

When the car gets back to the bank, its sold and the debtor owes the difference between what it sold for and the outstanding balance on the loan. IF it sells for more than is owed, debtor has to pick up the check for the surplus. There are no differences between a voluntary repossession/relinquishment of vehicle by the borrower and the forced repossession/recovery by the lender, except for some of the repossession costs such as towing. FYI, a bank will not allow you to return the vehicle in the sense that you can "drop it off" somewhere.

I'm very sorry Items that you have sold can not be bought back from the shop on webkinz.

Yes, you owe the difference of the amount of the loan and what the vehicle was sold for plus any costs of the repossession. You are expected to pay that amount.

Yes, because reguardless of what the company did after they took back the car, the fact still remains that it was repossesed.

NO, they can attach a lien to be paid FIRST if/when the home is sold.

The SOL starts when the Lender gets a JUDGEMENT for the balance due.IF the judgment is sold correctly, it can stretch for a long time.

If the title is not free and clear, then the title cannot be transferred to a new owner and it cannot be sold. If the creditor has written it off and it is no longer in dispute, then it can be sold. You can sell it as scrap metal to a junk yard without a title, I believe.

If by settled, you mean get your car back, no, unless the bankruptcy was filed before the car was sold at auction (unlikely to be several months).

Your property needs to be removed prior to the sale. Once the property has been sold you have no right to enter.

The only way to get it back would be if it were up for sale and you bought it. Once it's legally sold, it becomes the property of the new buyer.

I most cases the debtor (you) will be held liable for the deficiency after the car is sold at auction, as well as for any repossession fees. This may vary in your state.

Only if the car has not been sold, at auction usually. Some states require notice of the repossession and intended sale date. Consult a local bankruptcy attorney if you have filed pro se or pro per (without a lawyer), or your state Attorney General's office.

Pay for the car and get it back, or pay the deficiency after it has been sold.

Yes until it has been sold by the lender, contact the lender and pay the bill

Pay the bill and fees to get your car back. If you can't afford it, your bank will auction the car and you will pay the difference between what they sold it for and your loan. Your credit is also ruined, it will get better in 7 years.

If the car has not been sold you pay the back payments and any fees.BUTThe finance company does not have to allow this.

No, you have sold you cat and it is no longer yours. Unless whoever you sold it to offers it back (you will probably have to give them back their money if this happens) then you can not get your cat back.

They are fairly recent. Only about 3-4 years have they been sold.


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