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If the lien holder reposses the vehicle and sells it are you legally responsible for any remaining balance?
Wiki User
∙ 18y ago
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.
Wiki User
∙ 18y ago
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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.
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.
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.
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.
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 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..
A member of congress can't be legally responsible for?
a member of congress cannot be held legally responsible for? a member of congress cannot be held legally responsible for?
Is a husband 24 years old legally responsible for a 17 year old wife?
You are both legally responsible for yourselves.
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.
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.
