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Brand, You COULDNT trade so you bought 2 more vehicles?? Is that correct?? IF so, you BEST move would be to sell the upside down car and put whatever you have to with what you get from selling to PAYOFF the loan. Sounds dumb huh? That is the CHEAPEST way out and keep good credit. Anything else will be MORE money AND collections. Collections usually include garnishment of your wages. If you know getting upside down was not smart, then you know this is the best way out. And please dont let a "friend" take up the notes. That only works in 1 out of 25000 cases. You'll probably be back in 2 months crying that your 'friend" didnt make the payments and "HOW do I get my car back".Please make the right decision this time. Good Luck
Wiki User
∙ 8y ago
Wiki User
∙ 16y agoIn most states, the lender will sell the car. If they sell it for more than you owed, they keep the extra money. If they sell it for less than you owed, they send you a bill for the difference.
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Can the lender collect the rest of the money you owe on a car that they repossessed?
In most cases, YES
How long can they try to collect money from a repossessed car?
Until the Statute of Limitations tolls on the judgement.
What are the rights of a person who Co signing a church car loan and the car is repossessed with the bank trying to collect?
I wish I knew
What happens if you get your car repossessed?
if i get my car repossessed, can they put a llien on the house?
How can you locate your repossessed car?
Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.
If your car is repossessed in Arizona can they collect any deficiency or is the debt forgiven when they take possession?
The debt is NOT forgiven. See link below. ArizonaRevisedStatutes
What happens to a co-buyer if the car is repossessed?
Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.
If you purchased a vehicle for your son in your name and it is repossessed what will happen to you after the car is seized?
Likely you will have to pay the loan off after the lender sells the car. lenders have some legal options that will collect from you.
Can your car be repossessed if you lose your job?
No, but your car can be repossessed if you don't make the payments.
If your car was repossessed and the lender sold it without notifying you what are your rights when they try to collect for the difference?
requirements vary by state. call a local attorney for guidance.
Can a car be repossessed from a car dealership?
if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed
Can a car be repossessed with a person in the car?
No.
