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If you voluntarily let your car be repossessed by the lender do you still have to pay on the loan?
Wiki User
∙ 13y ago
Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost
Wiki User
∙ 13y ago
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What happen if you can not pay your car loan?
When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.
Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
What might happen if you voluntarily relinquish your car to the lender and cannot afford to pay the difference in the loan balance after the vehicle is sold?
The lender would have the option of filing suit to recover monies that are still owed.
My car was repossessed and now they want me to pay for the remaining balance on the loan and I can not afford it. What can the lender do legally to get payments in the state of Pennsylvania?
no
When can a car be repossessed in Texas?
In most instances when you get behind on your payments. The exact details of when the lender will repossess the vehicle is listed in the contract you signed when you took out the loan on the vehicle. Read your contract with the lender.
Do you have to pay the difference on a repossession car loan?
Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.
What happen if you can not pay your car loan?
When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.
Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
What might happen if you voluntarily relinquish your car to the lender and cannot afford to pay the difference in the loan balance after the vehicle is sold?
The lender would have the option of filing suit to recover monies that are still owed.
What happens to payments made after a car is repossed?
Payments made after a car is repossessed will no longer be returned to the debtor. In fact, the lender can still require the debtor to pay the remaining balance of the loan.
You have one day before your car is repossessed is there any payment options?
Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no
My car was repossessed and now they want me to pay for the remaining balance on the loan and I can not afford it. What can the lender do legally to get payments in the state of Pennsylvania?
no
Is it legal for the car to be repossessed and still require payments to be made?
Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
If you are the co-signer of a vehicle that was voluntarily repossessed how can you get your good rating back?
PAY THE LOAN OFF. the loan NOT being paid was what damaged your credit so start rebuilding by paying it.
If you cannot pay loan on RV should you voluntarily turn the RV in to the lien holderor let the RV be repossessed?
It would look better on your record (For future loans) if you turned in the RV voluntarily.
If your truck is repossessed can you still be sued?
When a vehicle is repossessed by the lender it is sold at a public auction for as near the fair market value as is possible. The amount the vehicle is sold for is deducted from the balance of the loan and the borrower is responsible for the repayment of that amount plus any interest and additional fees. If the borrower is unable to make a payment agreement with the lender, the lender does have the option of suing for the amount owed and legal costs. It isn't possible to give a definite answer on if the lender will or will not sue the borrower for the debt.
