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How many years after repossession can they hold you responsible for the remaining balance?
Wiki User
∙ 8y ago
Usually the SOL is 7-10 yrs. depending on your state. Its loooonger than you want to put up with the calls and letters. Steph, its better to make some sort of plan to pay it off. Those judgments get bought and sold over and over. Good Luck
I am wondering about a similar question. I filed bankruptcy a while ago & listed my car up for voluntary repossession. No one has yet to pick up the vehicle. (I think because it isn't worth maybe $1000). My bankruptcy was discharged 6 months ago. I am planning on contacting my lender because there is work that is needed to be done to the car & I don't want to shell out the money for them to repo it tomorrow. So I am planning on offering them a around $400 for it. I owe $9,000, though. They can't come after me for the balance can they? It is included in my bankruptcy right? If they don't accept my offer to buy it, can I force them to pick it up?
Wiki User
∙ 8y ago
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How can a repossession with a zero balance affect a credit score and can it be removed?
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
If car is repossessed do you have to pay the balance on the loan and if so how much?
Once they repo the car, the lender will sell the car for whatever it will bring. You will then be responsible for the difference in what the car brings and the balance on the note. You may even be responsible for repossession fees, and your credit will be ruined for 7 years.
What happens Repo car and can't pay the there lowest settlement price?
They will sell the car and you will be responsible for the difference in what the car sells for and what the balance on the loan is. You will also be responsible for any fees associated with the repossession. Also, your credit will be ruined for 7 years.
What happens if you stop paying your monthly payments?
Your car will be repossessed, your car will be sold, you will be responsible for the difference in the price the car sells for and the balance on the loan plus repossession fees, and your credit will be ruined for 7 years. Contact the lender and work something out. Don't let this happen to you.
You returned a car you purchased because you could not pay for it?
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
Are you responsible for the unpaid car loan after your car has been repossessed?
No. Once your car has been taken away, that is the payment. The bank will have to resell the car and get what they can out of it. It depends on the state. Some (like mine) do not require the remaining balance after a resell. But your credit does get ruined for 7 years. The above answer is incorrect. Once they repossess your car, they will sell it. You are responsible for the difference in what the car sells for and the balance on the loan. You may also be responsible for the repo fees, depending on the state you live in. You credit will also be ruined for 7 years.
If your car was repossessed 7 years ago can creditors come after you for payment now in the State of Georgia?
Yes. Well, maybe. Your are legally responsible for payment of the remaining balance of the loan for seven years from the last date of payment. In the event a judgment was obtained, you are responsible for ten years after the date of last payment. Quite likely, there is a judgment, as this would be the only security the lender has of receiving payment.
How do you surrender a car to the bank or lender?
Bad idea!! This is called a voluntary repossession. Your credit will be ruined for 7 years, and you will still be responsible for the difference in what the bank sells the car for and the balance on the note. Go to the bank and sit down and work out new payments. Sell the car yourself and borrow the difference if you are upside-down on the loan. Have someone possibly take over the payments. Do whatever is necessary to avoid a repossession.
How would repossession affect your credit if im co buyer?
It will fester like a throbbing red boil for 7 years. And you can be sued for the balance due as well.
How would repossession affect your credit if im co-buyer?
It will fester like a throbbing red boil for 7 years. And you can be sued for the balance due as well.
Can you be sued over the balance of a vehicle that has been voluntarily repossessed over three years ago when the repossession is on your credit report?
yes it has a 10 year limit
How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
