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Read your contract. In 99% of the repos , YES, you still owe the balance due.

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βˆ™ 2015-07-15 19:36:12
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Q: If you let the lender keep your car and they resell it are you still responsible for the remaining balance?
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Related questions

Can a lender garnish wages after repossession in North Carolina?

Yes a lender can garnish your wages after a repossession. If the resell value of the item does not cover the cost needed to repay the lender, you are still responsible for paying the balance.


When can the lender resell a repossessed vehicle?

a lender can do as he/she pleases with the vehicle after 31 days...in the state of Alabama


Are you responsible for the unpaid car loan after your car has been repossessed?

No. Once your car has been taken away, that is the payment. The bank will have to resell the car and get what they can out of it. It depends on the state. Some (like mine) do not require the remaining balance after a resell. But your credit does get ruined for 7 years. The above answer is incorrect. Once they repossess your car, they will sell it. You are responsible for the difference in what the car sells for and the balance on the loan. You may also be responsible for the repo fees, depending on the state you live in. You credit will also be ruined for 7 years.


Can a dealer after voluntarily returning a car over 3 years ago now come after you for the remaining balance?

In a word yes.Just because you voluntary returned the car doesn't mean anything to the lender they still want the balance of their loan.You need to find a few things out to help yourself.First find out what the dealer did with the car did he auction it or resell it?Most importantly how much did they get for your former car?The difference between your original loan amount(including all the interest)less your total payments and less what the dealer got for your former car should equal the remaining balance BUT CHECK The NUMBERS !!!!!!!!!!!!!!!!!!! IT is a good idea to conduct all correspondence with the lender/collector in writing only and read what they you send very carefully!!!!!!!!!!!!!!! GOOD LUCK


Do residential building codes require a stove in the kitchen?

You may get by the code, your lender will not like to hold paper on a floorplan which does not resell...


How long after they repossess your car do they have to wait before they resell it?

No one can answer this question. It depends on many factors. Here is a thought. Call the lender and ask them.


What is a sentence for resell?

I resell my car


Is the word resell correct?

Resell is correct


What is a good sentence for resell?

I resell my car


If you cosigned for a mobile home with your ex-wife and she is behind on the payments can you have her removed from the property and resell the home?

CONTACT the lender for available options in this matter. NO! Try to get a quit clain deed for her interests.


Is it possible to resell Digital Books that I have purchased?

No you can not resell digital books that you purchased.


If your car is repoed do you have to still pay on it for any reason?

Yes. You signed a contract for a loan amount. That is the principle. The car only secured the loan. The loan is the only real value to the lender. They do not want the car. They only take the car to resell it to apply that payment to the loan. Any outstanding balance plus accured fees are yours to pay.

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