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YES, unless the LENDER decides not to report a repo to the CA.

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โˆ™ 2015-07-15 19:49:07
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Q: If you return a car to the dealership which financed it will it still be considered a repossession even if you have to pay off the balance?
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Related Questions

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.


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??


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


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 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.


What happens if you part out a financed car?

You still owe the finance company the balance owed.


Can you get a repossession off your credit if you pay the past due amount immediatley?

Actually, it doesn't just come off your record. It will show as a repossession, but it will show as no balance due.


If you file bankruptcy do you have to pay the balance after a repossession?

It depends of which B/K you file and whether you complete it.


What is the term for the portion of the price that must be paid before the remaining balance can be financed on credit?

Down Payment.


How do you regain possession of car that has been repossessed?

Pay the current balance, plus repossession and storage fees.


What are the details of Florida GAP insurance?

Since your insurance might not cover the balance you still have on your financed car, GAP insurance protects the balance of your loan in the event of an accident.


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.


Can you go to jail if you can't afford to pay the balance owed on a repossession and have no real property?

NO, there are no more debtors prisons.


Can a lender garnish your wages and income taxes after repossession?

IF they have a JUDGEMENT for the balance due, they can garnishee your wages. Income taxes?? NO


You returned a car you purchased because you could not pay for it?

That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.


After a voluntary repossession and subsequent sale at auction Can the remaining balance be refinanced at a lower rate?

No, you'll be * 1) considered a credit risk since you didn't keep up the payments on the car loan. * 2) have no collateral for the new loan


What is a AR considered on a trial balance sheet?

An AR on a Trial Balance sheet is considered as Accounts receivable.


Do they garnish your check after a reposession?

They will only if the remaining balance after the repossession and auction goes to litigation and the judge orders the garnishment of wages.


Do you still have to pay on a loan after your car is repossessed?

Yes, provided there is still an outstanding balance after the repossession and resale are completed. This is the case in most situations, due to the added cost of repossession, storage, and transport of the vehicle that will be assessed to you. If it remains unpaid, the lender may (likely will) file legal actions against you to recover the balance.