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If you cannot make a payment anymore on your car is the person still responsible for the payment after it gets repossessed?
Wiki User
∙ 12y ago
The will sell the car (usually at auction) and if they sell the car for less than you owe, you will be responsible for the difference. The lender may take the issue to court and obtain a judgment for the balance owed. If this is not paid they may take further collection action with may include wage garnishment. The tow company used to repo the car will usually also attempt to collect their fees from the borrower.
Wiki User
∙ 12y ago
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What has to happen before a creditor can have your care repossessed?
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
What happens when lease cannot be paid back?
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
What are your rights when it comes to a car that just has a payment for half of the remainder owed and the private party it was being bought from has repossessed it for personal reason?
If the repossession occurred in a state that does not permit self-help repossession, report the car stolen; it cannot be legally repossessed. Louisiana and Wisconsin are two of these states. If you can show legal possession of the vehicle, and on time payment, report the car stolen. It cannot be legally repossessed in any state unless the debt is delinquent. If you do not wish to involve LEO's immediately, contact the private party who "repossessed" the vehicle and explain that if it is not returned within a reasonable amount of time, that you will report the vehicle stolen and give his name as the party responsible. There is no legal "personal reason" for repossessing a vehicle.
What if your car was repossessed due to lack of insurance yet was insured at time of repossession?
Vehicles cannot legally be "repossessed" due to a lack of insurance. Re-possession can occur only when there is a default in the payment contract and the original owner (the lender) recovers their property from the defaulter.
Do you have to pay for a car that was repossessed?
NO because if l/15=07.75936 then the total of your car payment must me less than that so u get your total of -6.973333 so u cannot
What happens if a repossessed vehicle is from a deceased person?
Cannot imagine that the process would be different than if the person was alive. The estate would be responsible for remaining loan amounts.
Is a wife responsible for a repossessed car if husband cannot pay balance due to not having a job?
It depends whose name is on the loan. If it's just the husband, then no. If both names are on the loan, then it affects both people.
If you have a secured loan such as an auto loan can the finance company attach any other property?
If the vehicle is repossessed the borrower will be responsible for the deficiency between the sale of the vehicle and the balance of the loan. If an equitable payment agreement cannot be reached by the lender and borrower, the lender can file a lawsuit for monies owed and if successful execute the judgment against any non exempt property belonging to the debtor.
What is an irrevocable bank payment undertaking and what are its benefits to the seller?
And your revocable bank payment is a bank payment that cannot be rescinded. The advantage to the seller is once the payment is issued, it cannot be canceled.
What happens if you cannot pay on your credit cards anymore?
File Bankruptcy or take a lien out on your house. You might even be able to call them before you do those things and see if they will work with you on a minimum payment.
If your car has been repossessed and you cannot pay what you owe should you let them sell it?
You have no choice.
What are the rights of cosigner of inheriting when the primary dies?
Co-signing gives no rights of inheritance unless that is agreed to in writing at the time of the co-signing.It should be noted that if the primary borrower dies and their estate cannot pay the debt, the co-signer will be responsible for payment of property they do not own.Co-signing gives no rights of inheritance unless that is agreed to in writing at the time of the co-signing.It should be noted that if the primary borrower dies and their estate cannot pay the debt, the co-signer will be responsible for payment of property they do not own.Co-signing gives no rights of inheritance unless that is agreed to in writing at the time of the co-signing.It should be noted that if the primary borrower dies and their estate cannot pay the debt, the co-signer will be responsible for payment of property they do not own.Co-signing gives no rights of inheritance unless that is agreed to in writing at the time of the co-signing.It should be noted that if the primary borrower dies and their estate cannot pay the debt, the co-signer will be responsible for payment of property they do not own.
