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Repossession

If you paid the remaining balance and recovered your vehicle but the repo man busted the steering column can you get the lender to cover the repair?


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Wiki User
2015-07-15 19:24:56
2015-07-15 19:24:56

IF the lender wont get it fixed asap. call a local attorney.

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Most shaking in the steering wheel on ANY vehicle is caused by balance problems. The tire can be out of balance, the wheel can be bent or the axle (half-shaft) can be damaged and out of balance.

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Once the vehicle is repoed, if it is not redeemed, the vehicle is sold at auction. This purchase price is applied to the debt. The problem is, the repossession procedure can add much more to the balance owed. So, there is likely to be a remaining balance, and it could be higher than was originally owed on the loan before the vehicle was repoed. In cases where a balance remains, the lender may decide to take legal action and sue the borrower.

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The lender will sell the vehicle and you are responsible for the deficency. They will sue you for the balance left on the loan after the sale of the vehicle. The court will order you to pay and they can garnishee your wages.

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Once the vehicle is auctioned off and sold there is usually a remaining balance left to pay. You will start receiving collection notices about the remaining balance. This is when you will want to prepare yourself to negotiate a settlement.


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