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If you had a vehicle repossessed and the vehicle was sold at auction how long would the financial institution have to legally receive payments for balance owed.?
Wiki User
∙ 16y ago
From expierence, we had a vehicle repossesed over 10 years ago. I don't know if it's legal or not, but the company has been getting money from us ever since. I don't even know how much we still owe, they do not send a statement or anything.
Wiki User
∙ 16y ago
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How does Chrysler financial handle repossessions?
Chrysler sells their repossessed car at auction.
Do most finance company allow you to pay the late payments and then continue with the agreed contract if the vehile was repossessed?
If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction. Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.
What will happen if you can't pay your car loan?
They take the car. The lending institution will take the car back, sell it at auction, then leave you responsible for the remainder of the debt, which you'll have to pay to the lending institution after they take you to court. As a suggestion, either pay for the car or sell it. You can sell it for far more than they'll get at the auto auction, then you'll have less to owe to the bank. Your car will be repossed and it will have a negative effect on your credit history for a while. * The vehicle can be repossessed and sold at public auction. The borrower will be responsible for the difference (if any) between the sale and loan amount plus the costs of repossession and other applicable fees. A repossession remains on a credit report for 7 years.
If your car is repossessed and they auction it do you have to pay the amount that they tell you is leftover on the loan?
Melissa, what does your contract say?? It also depends on what state you are in. Usually, YES, you do have to pay.
If your car is repossessed do you have to pay the balance?
you'll owe what's left on the contract after the vehicle is sold (probably through auction). Example: you owe $2500, the car sells at auction for $500, you owe $2000 because you signed a contract stating you'd pay a certain amount, that's what the creditor is after.
How does Chrysler financial handle repossessions?
Chrysler sells their repossessed car at auction.
What are the mobile home repossession laws in Nevada?
In the state of Nevada, if you do not make payments on a car you are buying, it can be repossessed with no notice given to you. Once repossessed, you will still be liable for all further payments even if the car is sold at auction to another buyer.
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
What will happen if your car is repossessed in NC?
Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.
How do find repossessed auction in your area?
The Classifieds, or google.
How do you get a repossed vehicle back?
If your car is repossessed and you want to get it back, you can contact the finance company and clear any outstanding payments. They may agree to return your vehicle to you if they have not already sold it but be warned that lenders try and sell repossessed vehicles as quickly as possible to try and recoup funds. The finance companies often sell the repossessed vehicles at a car auction. Here they can be sold "as seen" and at a lower price than market value, thus they can be sold quickly. It is often possible to find out which auction your car is being sold at and you can get your repossessed vehicle back yourself by attending the car auction and bidding.
Do have to pay the difference on a repo car?
Yes. If you take out a car loan, fail to make payments, and the car is repossessed, you will have to pay the difference between the price the lender received at auction and the balance remaining on your loan.Since repossessed cars are usually sold at wholesale auctions, the difference can be thousands of dollars.
What happens to title loan cars when they are repossessed?
They are sent to an auction and sold.
If your veh is repossessed in OKLAHOMA can you be garnisheed for any unpaid balance after auction?
Yes.
Where can I find cheap repossessed Cars?
Your local car auction can provide you with a great selection of repossessed cars and trucks. You can contact banks and lending istituions for a list of cars tey have for sale most cars are sold at auction.
Can you be sued if you let your mobile home be repossessed?
You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.
Can the loan co. who repossessed car tack on interest after car is sold at auction?
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