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Yes. That's a common misunderstanding by a lot of people. You are responsible for the entire loan amount. The vehicle title is held as security for the loan but any amount that is not covered when the vehicle is auctioned off is still owed.

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โˆ™ 2006-03-28 16:06:51
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Q: If the lien holder reposses the vehicle and sells it are you legally responsible for any remaining balance?
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Since your car has been reposessed can you be made to pay the balance legally?

As far as I know, in this state if it's repo'd it's sold at auction then your responsible for any balance left remaining between what's owed and what it brought at auction. But that's here and could be different by state. Yes you can, If the car is taken from you, you can be held legally responsible. They will take and sell the car at auction to the highest bidder. You are then responsible for all costs inccured from the sale. The balance remaining.


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


How long till they repossess once you are late.?

As soon as 10 days after due date of payment. The laws vary from one State to another, and a finance company will not usually reposses on day 11, but they legally can. More often it's 30 days, or until you owe two payments. You may get your car back if you pay all late payments, late charges, and the remaining balance owed. If the finance company sells the car and gets more than what is owed, they must reimburse you the difference. They can also reposses if you let your insurance lapse. Protecting their interest.


Are father and stepmom responsible for child support?

The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.


A member of congress cannot be held legally responsible for?

a member of congress cannot be held legally responsible for? a member of congress cannot be held legally responsible for?


How do you reposses your semi truck if you are the leinholder but have no keys trailer attached who owns plates In Ohio legally?

Contact a lawyer to see what you need to do.


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.


If your car was repossessed 7 years ago can creditors come after you for payment now in the State of Georgia?

Yes. Well, maybe. Your are legally responsible for payment of the remaining balance of the loan for seven years from the last date of payment. In the event a judgment was obtained, you are responsible for ten years after the date of last payment. Quite likely, there is a judgment, as this would be the only security the lender has of receiving payment.


Is a husband 24 years old legally responsible for a 17 year old wife?

You are both legally responsible for yourselves.


If a company goes out of business and they have lien on your mobile home can they reposses your mobile home?

Even if they legally 'could', I doubt if they would be bothered if they were going out of business anyway..


Who is legally responsible for a neighboring renters damage to my property?

the renters are responsible


Are parents legally responsible for a 18 year old who is a senior in high school who lives in their home?

In most countries a person of 18 or older is legally an adult and therefore responsible (legally) for themselves.


Can you move out of your parents house legally at 17?

you can move out at 17 but they are still legally responsible of you


Is a parent responsible for a child in college?

Legally, no.


Is a parent legally responsible for a child who is 20 years old and lives at home in New York?

No, the child is legally responsible for themselves at the age of 18.


Who is legally responsible for debt the holding company or the limited company?

I think clients and public who did business with company or with company products are directly responsible legally.


What reasons will the judge allow the father to give up paternity rights?

Main reason: the child is being legally adopted by another responsible adult.Main reason: the child is being legally adopted by another responsible adult.Main reason: the child is being legally adopted by another responsible adult.Main reason: the child is being legally adopted by another responsible adult.


If your child is 18 and in school are you legally responsible for his actions?

No, you shouldn't be. They are legally an adult and therefore are able to live on their own and be responsible for their own actions. Depending on where you live and what school your child is in depends on who will be held responsible.


If a roommate that signed the lease walks out who is legally responsible for the rent?

Anyone on the lease or that signed the lease is legally responsible for the rent, unless otherwise noted in the lease.


Am I responsible for my spouse's credit card debt if I am not an authorized user?

Absolutely not ! If the card is not i your name - you have no legal responsibility for any outstanding balance. HOWEVER - IF you are named on the account as a joint card-holder - you're legally responsible for fifty percent of the balance, regardless of who ran up the debt. Additionally, if you have a second card on the same account - YOU are liable for the expenses occurred on your and the account-holder is also liable for fifty percent of the balance.


Are parents still legally responsible in any way for an 18 year old child in the state of Florida?

In the state of Florida, a person legally becomes an adult at the age of 18. The parents are no longer legally responsible.


Is a parent legally responsible for a child who is 20 years old and lives at home in Missiour?

No. Not legally responsible for the 20 year olds actions. However, if they have signed some kind of legal or loan document with them they are responsible for that. .


Who is legally responsible for the child of a minor child?

the minor


A member of congress can't be legally responsible for?

Slander


An 18 year old is legally responsible for what?

EAVRYTHING?