YES, unless the LENDER decides not to report a repo to the CA.
Yes. Most lenders will auction a repossessed car and sue the person who financed the car for any balance or fees still owed.
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.
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.
yes
"remaining balance" as in what you are behind OR the remaining balance due on the loan??
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 the law states that it must be reported to the credit bureau as zero balance?
Can wages be garnished for the balance of an auto loan in the state of Delaware
IF the lender accepts it you can.
Yes, they can be garnished for this reason.
You still owe the finance company the balance owed.
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.