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If you can not keep up the payments on your vehicle and it gets repossessed what will happen to you?
Wiki User
∙ 15y ago
The car will be sold at auction and bring a relatively little amount of money that will be applied toward the amount owed on the car. After reducing the amount owed by the sales proceeds, the lender will sue you for the balance. Most likely, if you cannot come to a settlement, the lender will get a judgment against you for the amount owed plus costs. This will give the lender the ability to garnish wages or seize assets. Your credit standing will be hurt and you may never get another car loan again unless you prove that you can handle the payments. There won't be any criminal consequences at all. One thing to try before it gets repossessed is ask for some time to sell the car privately, then give that money to the lender. You will get more money and reduce your debt more than by letting the lender auction it off.
Wiki User
∙ 15y ago
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In Florida if your divorce decree states that each party gets a vehicle but one party allows a vehicle to be repossessed how does the other party get their name taken off the loan?
you don't. you get the vehicle and the payments.
Can a vehicle be taken with commercial plates if it is the most important tool for your own company?
Yes. Doesn't matter if it has commercial plates or not. Doesn't matter how important it is to you. If you don't make your payments, your vehicle gets repossessed.
How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?
When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy
What bad things go on your credit history if a vehicle is repossessed?
Slow pay, repo, and it gets worse from there.
What do you do if your car was repossessed but there was no breach of contract and you are ahead on payments?
CALL a local attorney NOW. The part about "ahead on payments" scares me. How you determine you are "ahead" and how the lender determines that gets a lot of folks in trouble.
What will happen if I strip parts off my car before it gets repossessed?
If the bank or the entity that holds title to your car is repossessing the vehicle, that means that they own the vehicle and you have presumably agreed to make payments toward the ownership of that vehicle. If you strip it or damage it in any way, you are liable for the damage you have done, or the value you have removed from the vehicle. It gets worse. If you purposely or knowingly took value from the vehicle, the intent in which you acted toward this end will be seen by the court to cause greater penalties toward your actions. My recommendation: Do what the law says is the right action. By stating that you did not know that your act was against the law will not hold up in court. Good luck.
What is the average time limit of non-payment of a vehicle before it gets repossessed?
Depends on the company. Average 2-6 months.
If you have a lease through GMAC and the car gets repossessed do you owe for the remaining payments or do you owe for the ACV of the car?
they sell the auto at an auction sell it to the highest bidder and you the remainder
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
Is the cosigner of a vehicle liable if the it gets repossessed?
Yes, the cosigner is typically liable for the vehicle if the primary borrower defaults and the vehicle is repossessed. The cosigner is equally responsible for the loan and may be pursued for any outstanding debts, fees, or deficiencies resulting from the repossession. It's important for cosigners to understand their obligations before agreeing to cosign a loan.
What can you do if your home gets repossessed?
Get a job
