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If you voluntarily relinquish your vehicle can you be held responsible for more than the value of the car?
Wiki User
∙ 17y ago
Yes. The lender is legally required to sell the vehicle at public auction for as close to the fair market value as is possible. The proceeds of the sale of the vehicle is applied to the loan balance and the borrower is responsible for any deficiency and possibly additional fees.
Wiki User
∙ 17y ago
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Is an at fault party responsible for the value of after-market add-ons to a totaled vehicle?
Technically, the at fault party is responsible for the resale value of the vehicle. If the owner has put after-market equipment on the vehicle that does not imcrease the value, no, the at fault party is not responsible, at least not in most states.
Does the ticketed motorist insurance Co have to replace your totaled vehicle?
'ticketed' really doesn't matter.........what matters is who is responsible or liable for the loss...........and no they do not have to 'replace' your totaled vehicle they owe you the acv (actual cash value) of your vehicle........
What is a repossession affidavit?
It's the sworn statement that the lender files with the state DMV when a vehicle is repossessed. It includes data such as, how the vehicle was repoe'd (voluntarily or replevin order) the default date of loan, the date of repossession, the amount owed, the value of the vehicle, all indentifying information,(date and time, location) and so forth.
In Alabama can a tow company be held legally responsible for property if they did not lock the vehicle and items became missing?
Probably. Anytime a vehicle is towed or repossed the person(s) who take the vehicle are responsible for taking necessary precautions for securing it and the contents. In the majority of cases this would be an issue for small claims court. In which the owner would have to present proof that the articles were in the vehicle and the value.
If you cannot make the payments on a vehicle which was 38000 on purchase and is now worth 28000 what happens if you take the vehicle back to the bank?
you are responsible for the whole of your loan, no matter the depreciated value of the vehicle. the amount of your loan does not change. That's it, you owe 38000
Is it legal for the buyer to be charged the full price of their repossessed vehicle?
When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.
What happens to your title loan if your vehicle is stolen and wrecked?
Since you have a loan you should be required by the lender to have full coverage insurance which will pay you the value of the vehicle. With out insurance you are still responsible for repaying the loan no matter what happens to your vehicle. It is not the lenders fault your car was stolen and wrecked...
What is the value of a salvage vehicle?
The value of a salvage vehicle is roughly 60% of the value of a comparable car with a clean title.
What is the value of a 1966 Ford Mustang?
It will depend upon the condition of the vehicle, the model of the vehicle and the demand for the vehicle. I would consult a vehicle appraiser to find out the exact value of your vehicle.
If you have full coverage and your vehicle get stolen and the insurance would pay the blue book value do you have to pay for the rest of the loan?
You are responsible for the difference in what the car is worth,(Insurance Payment) and the balance of the loan. Insist the insurance pay you the NADA retail value of the car, not the Blue Book value.
How do you determine if a vehicle is totaled?
If the repairs of the vehicle exceed the value of the vehicle, then the vehicle is declared total loss.
What is the current book value of a 2004 BMW m3?
The "book value" or "Kelley Blue Book" value of a 2004 BMW M3 is dependent on many variables. The value of the vehicle is determined by the miles it has, the wear and tear of the vehicle, whether or not the vehicle runs, and whether or not the vehicle has body damage. The value is also determined by whether it is the coupe or the convertible model. Therefore, there is no standard value of a 2004 BMW M3, as this is a used vehicle and each vehicle will be worth a variable amount.
