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Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.

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โˆ™ 2006-04-07 16:22:04
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Q: If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?
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Where do you stand if repossessed truck is sold for less then the loan?

You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.


Can you sue a co-debtor for the balance remaining after your repossessed car was sold if the co-debtor was declared responsible for the debt by the court but never paid?

Yes, you can sue a co debtor for at least half of the remaining balance. You would owe part of it as well.


What if repossessed truck doesn't sell at an auction?

then you still owe on it. you (as the debtor) are responsible for any remaining balance. when you don't pay that, you'll end up with a judgement and wage garnishment.


Will you get sued for the money you still owe after your car is repossessed?

If you don't pay the balance of the loan after repossession, the lender can take you to court for the remaining balance or they can charge it off. Neither is a good thing, so it is best to pay the remaining balance as soon as possible. ___________________________________________________ Most vehicles that have been repossessed are sold at auction. When this occurs, you are responsible for any balance that remains less the monies collected from the sale. If a balance remains and you fail to pay it then the creditor or lending agency can sue for the balance due plus legal fees.


Can you go to jail if you do not pay all of the remaining balance after a repossessed car is sold?

NO, there are no more "DEBTORS PRISONS".


Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?

YES, read your contract.


If your car was repossessed during your separation but it was bought while you were married are you both responsible for the debt?

Whomever signed the contract is responsible for the balance.


What happens if you can't pay any remaining balance on a repossessed car and do not have a job?

The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.


What are you liable for when your car gets repossessed?

Once the vehicle is auctioned off and sold there is usually a remaining balance left to pay. You will start receiving collection notices about the remaining balance. This is when you will want to prepare yourself to negotiate a settlement.


My car was repossessed and now they want me to pay for the remaining balance on the loan and I can not afford it. What can the lender do legally to get payments in the state of Pennsylvania?

no


Are you still responsible to pay off the remainder of your car balance once it is repossessed?

YES. Read your contract.


Is a co-buyer responsible for paying off a loan if the buyer has no job and the vehicle was repossessed?

Yes, he or she would be equally responsible for the repayment of the loan balance.


Is it legal for the buyer to be charged the full price of their repossessed vehicle?

When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.


You have one day before your car is repossessed is there any payment options?

Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no


If your house is repossessed and it sells for less than what is owed are you responsible for the balance?

Usually, yes. The same follows with cars.


What happens when lease cannot be paid back?

The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.


If your truck is repossessed in Oklahoma is the finance company reqiured by law to get as much of the owed balance as possible.?

No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.


Do you have to pay the balance of your car loan after it is repossessed?

yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.


I'm a co-signer on another car and I'm doing a voluntary repo on my car how does that effect me?

The primary borrower is responsible for this debt, but if they do not make arrangements to pay the remaining balance of this debt (once its auctioned off) then you will be fully responsible for the remaining balance.


What happens if you haven't paid the remaining balance after the repossession?

"remaining balance" as in what you are behind OR the remaining balance due on the loan??


Is it possible that if someone buys a car and then gets it repossessed while still owing money on it for the people you bought the car from to sue you?

yes, unless they get the balance owed. If not they will sue for the remaining balance between what is owed and what they get from the resale.


If you let the lender keep your car and they resell it are you still responsible for the remaining balance?

Read your contract. In 99% of the repos , YES, you still owe the balance due.


Can your car get repossessed if you are not 30 days late with payment?

Yes. Most lenders give customers 10 to 15 days grace to make a payment or for a payment made to post. However, by the language of most car notes, anything past a certain period of time (usually two weeks) is considered delinquent, and the balance of the loan is owed. The lender at this point is not required to accept anything less than payment of the remaining balance. And, the vehicle can be repossessed at any time to secure payment of the remaining balance.


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 will happen if your car is repossessed in NC?

Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.

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