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What else can I help you with?
Can you be sent to civil court after a car repossession?
Yes. Most lenders will auction a repossessed car and sue the person who financed the car for any balance or fees still owed.
What is a deficiency balance for repossession Louisiana?
The deficiency balance in every state as relates to repossession is the outstanding balance of the original principle plus fees accrued by the repossession process that remain after the resale of the repossessed vehicle.
How can a repossession with a zero balance affect a credit score and can it be removed?
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
How does trading in a financed car work?
Trading in a financed car involves selling the vehicle to a dealership while still owing money on the loan. The dealership will assess the car's value and offer you a trade-in amount, which is often applied towards the purchase of a new vehicle. If the trade-in value exceeds the loan balance, you can use the excess as a down payment; if it's lower, you’ll need to pay the difference or roll the remaining balance into your new loan. It's important to understand the financial implications, as this could affect your new loan terms.
Repossession car can they put a judgment on you for the balance?
yes
What happens if you haven't paid the remaining balance after the repossession?
"remaining balance" as in what you are behind OR the remaining balance due on the loan??
Can you sell your car even it's fianced?
Financed? Yes. The person or car dealership buying the car would write a check for the outstanding loan balance to the bank that has financed the car and anything left over they would give to you. If you owe more than the car is worth, then you (the seller) would need to make up the difference, i.e. write a check for the difference between what they are buying the car for and the remaining loan balance.
If a car is sold after repossession does law state that it must be reported to the bureau as zero balance?
If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?
Can wages be garnished after a repossession to collect the balance?
Can wages be garnished for the balance of an auto loan in the state of Delaware
If you are threatened with a repossession can you pay the balance before they repossess the car?
IF the lender accepts it you can.
Can wages be garnished for the balance of a loan in a voluntary repossession?
Yes, they can be garnished for this reason.
Does gap insurance cover a repossession?
Gap insurance only pays if the vehicle is totaled in an accident or stolen and not recovered. It does not cover the deficiency balance after a repossession sale.
