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If have a voluntary repossession in the State of California are you still liable to pay off the loan?
Wiki User
∙ 8y ago
In California, yes. In some states, no (i.e., Texas). There is no legal difference for deficiency balance between voluntary and involuntary repossession (it should cost less to just pick your car up than it does to have an involuntary repo, which would save you some money if you are going to pay off the deficiency balance). However, you might be able to come to an agreement with the lender to make reduced payments and keep your account current and your credit good.
This is all assuming the lender is not able to sell your car for as much as you owe them. If they sell it for more (including costs of repossession and sale) then by law they must refund the difference to you.
If you think about what that would cause IF it was true, you would knnow the answer. Did you read your contract??? If you were a LENDER, would you loan money in a state that didnt allow you to collect the balance owed if the debtor did a Voluntary repo???? That would only serve to drive up the costs to those debtors would DIDNT do a voluntary repo. ??YES.
Wiki User
∙ 8y ago
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Is California a non recourse debt state?
California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.
What is the statute of limitations on the lienholder trying to collect the balance of the loan after sale on a voluntary repossession of a car?
the same as an invol. Depends on your state laws. If the lender has gotten a judgement, it could be a long while.
Can wages be garnished after a repossession to collect the balance?
Can wages be garnished for the balance of an auto loan in the state of Delaware
Do military persons who have California state residency but live and serve in another state have to pay California state taxes?
No.
Is State of Clifornia a Bank name?
No. The state of California is a state that is one of 50. There is a bank with the name of Union Bank of California.
Are the Lender of a repossession allowed to charge a storage fee and a repossession fee in the state of California?
In the state of California, the lender of a repossession may only charge fees that it incurs and that are in the contract. If the lender pays for the storage or houses the repossession, then yes, the lender is allowed to charge both a repossession and a storage fee.
If you live in one state but your bank is in another which state laws apply when dealing with a repossession?
Generally the laws of the state where the contract was signed take precedence. I disagree. If the car is registered in California and titled in California, and located in California, California law applies. The validity of the debt, late fees, and so on ARE determined by where the contract was signed, but California has specific laws on the procedure for repossession.
Can you get unemployment if you relocate to California?
It depends on the state you are moving from and the reason for the relocation. Check with the "liable state's" office for particulars
Is California a non recourse debt state?
California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.
If you buy a car and it quits while you're on vacation and you call the person to come and repo the car in the state that you are in can you be held liable for paying for the vehicle?
This is called a voluntary repossession. What happens is the car will be auctioned in the condition that it is in and say you payoff is $12,000.00 and the auction for the car brings $9,000.00, there will be a judgment issued in the amount of $3,000.00. This will also stick with you on your credit.
How do you change your unemployment to Nevada from California?
If you're unemployment filing was with California (the "liable state"), then only California pays you. You can contact the California office to inform them of your present situation.
Do the same repossession laws mandated by the State of California apply when you purchase from a private party?
NO see CALIFORNIA CODES BUSINESS AND PROFESSIONS CODE SECTION 7507
Is notification of a car repossession required in the state of California?
Yes, I think it is. We have so many laws concerning things like that.
When does a repossession legally take place in California?
The California Business and Professions Code is very clear on this point. The code states the following: With regard to collateral subject to registration under the Vehicle Code, a repossession occurs when the repossessor gains entry to the collateral or when the collateral becomes connected to a tow truck. You can find out more repossession related laws by checking out the website at mparepos.com. They have a FAQ page that answers all related repossession law questions for the State of California.
Does the repossession company have to report the repossession to the police after the repossession?
I only know about the state of Massachusetts. And yes in our state they have one hour to report the repossession to the police department in the town of which the car was taken.
Who pays the rest of the finance if your car has been repossesssed?
I most cases the debtor (you) will be held liable for the deficiency after the car is sold at auction, as well as for any repossession fees. This may vary in your state.
What is the statute of limitations on the lienholder trying to collect the balance of the loan after sale on a voluntary repossession of a car?
the same as an invol. Depends on your state laws. If the lender has gotten a judgement, it could be a long while.
