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If a car is turned back voluntarily and then sold at an auction for less than was owed how can you pay the difference if you couldn't even make the payments What will the company do?
Wiki User
∙ 12y ago
The bank/ loan co. will usually work out a payment plan with you or they willseek a judgment against you and try to garnish your wages(if you are working).The key to dealing with them is to get everthing in writing and to document they're dealings with you i.e. phone log,record their phone conversations with youetc.
Wiki User
∙ 12y ago
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If the bank repossess your car do you still have to pay your car payments?
NO but why would they repo if you are making payments. You don't still have to continue to make payments, however, if your car is repossessed, normally the finance company will sell the car and you owe any deficiency balance. In other words, let's say you still owe $5000 on your car and the finance company sells the car at auction for $4000. They will eventually contact you and you will owe the $1000 difference.
What happens when your return a car to finance company?
It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.
You stop making payments and they come get the car can they take you to jail for not making the payments?
No, once the car is repossed by the seller, you will not be arrested but the company will often resale the car at auction and can sue you for the remainder of what you owe including interest.
Can you return a car bought on a personal loan when you were told it was on finance?
Have the car voluntarily repossessed. Using this option means that you voluntarily return the car to the finance loan company if you are too far behind on your payments and can't recover. If you decide to return the car, the finance company may pick up the vehicle or it may require that you return the car to its location.
Can a credit card company suzuki reposses a motorcycle if the title has no liens?
If you bought the bike on credit and miss the payments, they can and will repossess the bike and sell it at auction. Just like a car.
Can the mortgage company at any time take your home away if you are still making payments after bankruptcy?
Ususually in BK a house is either voluntarily surrendered, because it is not possible for the borrower(s) to keep up payments.. Or the buyer reaffirms the loan with the lender and works out a plan to repay missed payments. If your mortgage payments are current, I see no reason why the lender would seek foreclosure.
If a loan is not reaffirmed in bankruptcy but you continue to voluntarily make payments can the loan company report you to the credit bureau if you're late with these payments?
According to my mortgage company, "no." However, the bad part is that you continue to accrue late charges and in the event you accidentally missed a payment, they don't make the standard courtesy calls. They cannot pursue the money once the BK is complete.
Cant afford car payments anymore?
whatever you do, don't let it get reposessed or voluntarily give it up. Your credit will be ruined for 7 years and you will still have to pay the difference between what they sell the car for vs. what you owe on the loan. If you don't owe that much more than it's worth try trading it in on a cheaper car and roll the difference onto your new loan. You'll be paying for it longer but your payments will probably be a lot less. Or sell it yourself (you'll get a lot more) and pay the difference to the finance company out of your pocket. If you owe a lot more than it's worth you're just going to have to suck it up and make the payments. If you don't you will regret it.
What do you understand by winding-up of a company?
dissolve a company, by the court, or voluntarily or the by the supervision of the court
What is the difference between installment and annuity?
Instalments are payments for your debts which can be paid on monthly, quarterly or yearly basis or way to make payments. Annuity is insurance product which is contract between you and insurance company for your investments.
What company specialize in doing home auction?
There are a number of companies that specialize in doing home auctions. One should consult a realtor in the local area for advice about choosing a company. Keenan Auction Company, Withington Auction, and Pavlis Auction are three examples of companies that advertise their services.
Does a finance company have to auction a repossed car in Florida?
Yes, a finance company or a bank is required to send the vehicle to an auction to dispose of it.
