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Truthfully a repossessed vehicle sells for what the bank is trying to get out of it and that is usually what is owed on the original loan and sometimes they will accept less for a number of reasons just to get rid of it and that would be damage to the vehicle, age and mileage.
What else can I help you with?
Does a finance company need a license in Ohio to retail a repossessed vehicle?
No, there is an exemption under Ohio law that permits finace companies to dispose of repossessed vehicle without a dealers license. Sale and title work is the same as a casual sale between individuals. No, there is an exemption under Ohio law that permits finace companies to dispose of repossessed vehicle without a dealers license. Sale and title work is the same as a casual sale between individuals.
What if bank did not notify you of the sale date on the repossessed vehicle?
They do not have to notify you. You have no legal rights regarding car.
Where could one search for repossessed cars for sale?
One could search for repossessed cars for sale online at the websites provided by the companies Repo Direct, Auto Bid Master, Repos 4 Sale, Cars for Sale, Bank Repossessed cars and Repossessed Cars Sale.
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.
Do you have to pay on a repossessed car if not sold?
If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.
What is the state of limitation in Georgia on paying back for a vehicle after repo?
In Georgia, the statute of limitations for creditors to file a lawsuit to recover a deficiency balance after a vehicle is repossessed is typically six years. This means that if the vehicle is repossessed and sold for less than what is owed, the lender has six years to pursue legal action to collect the remaining balance. However, it's important to note that the debtor may still be responsible for the deficiency even after the vehicle is repossessed, and the lender must provide an accounting of the sale. Always consult with a legal professional for specific advice regarding individual circumstances.
Are you free and clear of responsibility for your vehicle once it has been repossessed?
Mary, the answer is NO. You will have to pay the balance due after the sale price has been deducted.
What is intent to sale on a vehicle?
Depending on the context, someone is saying that they intend to sell. If a vehicle has been repossessed, for example, the lender can notify of an intent to sell, to recoup losses on the unpaid part of the loan.
If a car is repossessed and they sell the car how much can you owe?
The difference between the sale price & loan balance is what they will bill you for.
If you have rightfully repossessed a vehicle from a private party sale in the state of Virginia can the guy you sold the car to sue you for money he has paid on the vehicle prior to repossesion?
This is best answered by referring to the language of your private sales contract.
Does Bpi Savings Bank have repossessed cars for sale?
yes
Where may an individual find information about repossessed houses for sale?
There are many websites that list repossessed houses for sale. HouseRepos and BankForclosureSales are two examples. Another option is to contact a local Realtor who can provide you a list of local repossessed homes free of charge.
