The car will be sold at a public auction and the borrowers will be responsible for any difference between the selling price and the loan balance plus the allowable repossession and other fees.
The lender is legally required to make a reasonable attempt to get the fair market value of the vehicle, unfortunately this does not always happen and that sometimes leaves the borrowers with a substantial amount of debt to repay.
The car was repossessed one week before being off, now the creitor wants to charge me repossesses fees.
Yes a vehicle can be repossessed if the loan is not being paid on.
Most likely not depending on what financial situation you're in.
The vehicle can be repossessed.
If your car was paid off, then why was it repoed? Or if you mean you paid it off after it was repoed, then if the loan company accepted your money,then they have to give you the car and title back. I would call them and get it back or your money back.
Yes, if you don't comply with the terms of the lending agreement.
Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.
As long as the loan for the unit is paid each month, the collateral will never be repo'd.
Yes. If you have not paid for it then it is not yours.
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
Yes. If you signed the loan, you are still legally responsible for it.
IF the lender posts a repo on your CR, you have one. You will have the repo on your credit report, but it should also show up as "redeemed".
Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.
Yes, your car can be repossessed if the title loan is in collections. Actually, this is one of the most common ways for a defaulted title loan to be settled.
YES, you pay all the loan amount, sooner or later.
As long as there is a security interest in your car, YES, it can be repoed if the loan is not paid. Just think how many people would buy cars today if your situation happened everyday.
The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.
If the banks car (they own it until the loan is paid off) is repossessed and is in their possession, the loan terminates and you own no additional monies. However, any and all monies you paid up to that point you forfeit - in other words, there will be no refunds to you.
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
The one who BORROWED the money and/or the on who COSIGNED the loan.
Think about it. IF the lender waited until the loan was paid off,zillions of repos would NEVER be reported. Sooo, they report them as they happen.
NONE on the loan.