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How much time do you have to pay off on your repossessed car before the lender can sell it?
Wiki User
∙ 13y ago
There is no set time. Once you have defaulted on your loan, and the lender takes possession of the collateral, it is theirs to dispose of as they see fit. That they attempt to sell it at auction is one means of off-setting the debt you created. They must notify you in most states within twenty-four hours that the vehicle has been repossessed, and they must make it possible for you to recover your personal property, but they are not required to store the vehicle for any length of time before selling it.
Wiki User
∙ 13y ago
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Does a lender need to notify you before they sell your car they repossessed?
Yes, they also have to send you official letter from auction at the price they sold it to deduct from the amount you own to the bank.
If your car is going to be repossessed is it legal for you to sell it before the actual repossession?
Not without permission of the lender. A vehicle cannot be sold without a clear title of ownership. The lender is named on the title of a vehicle as the "lienholder" until the vehicle is paid for or otherwise released by the lienholder.
Does having the title to a repossessed truck give you any legal rights?
NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL
What is Missouri Law for paying off repossessed cars?
The laws for all US states are much the same. In MO. when a vehicle is repossessed by the lender due to a default in the terms of the contract the lender is required to sell the vehicle at public auction for the amount closests to its assessed value. If there is a discrepancy in the amount for which the vehicle is sold and the balance of the loan, the lender may pursue collection for that amount in the manner the law allows, which can include a lawsuit.
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.
What if your car is being repossessed?
They will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact the lender and work something out.
Isn't there a law that prohibits financial companies from selling repossessed motorcycles at lower than low blue book?
The law ONLY requires the lender to sell "in a commercialy reasonable manner". There was NO law to require you to pay tooooo much for it in the first place.
What would happen if you made payment arrangements for the payoff of a repossessed vehicle but could not keep them?
If you kept the repossessed vehicle, the lender could reposses it again and sell it. If this was just a contract to repay the debt, they could sue for money damages just like it was a promissory note.
What if I returned my car after purchasing it one year ago because I can no longer afford the payments?
It would be a very bad thing to do. You are voluntary having it repossessed. The lender will sell the car for whatever they can get and you will be responsible for the difference in what they sell it for and the balance on the loan. They will more than likely wholesale it and you will be stuck owing the rest. Your credit will also be ruined for 7 years. This is a horrible idea. Go set down with the lender and work something out if at all possible. You do not want your car repossessed.
After a car has been repossessed from a title loan how much can you sell it for and can you get the balance owed?
What are you trying to ask? After your car has been repossessed, you can't sell it - the lender will. You will get nothing, unless by some unusual circumstance it is sold for more than the amount of the loan plus interest plus costs of repossession and sale. If that happened, you SHOULD get any additional amount, but more likely you will be expected to PAY whatever remains of those amounts after the sale price is subtracted.
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 can the lender do to you after repossession?
If the repossessed property did not sell for enough to satisfy the debt the lender may decide to seek the rest of the payment through the courts. The courts may decide to require that you sell assets to satisfy the remainder of the debt. If you do not have assets to satisfy the debt the lender may be allowed to require, by court order, that your wages be attached to make payment. While all of these are possibilities courts do not always grant all of these options.
