Top Answer
User Avatar
Wiki User
Answered 2008-05-07 13:59:15

Of course they will want all their money that you agreed to pay them in the legal contract you signed in good faith. You defaulted on your agreement so now you will pay. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor

It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car

In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car

Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency

A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing.In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.

User Avatar

Your Answer


Still Have Questions?

Related Questions

If it has been 8 years since your car was repoed and they are still threatening you for money when will they go away?

7 yrs AFTER the date of the judgment, fed law requires the judgment to be removed from your credit file.

Who do you call if your car has never been repoed and should have been?

The institution that has a lien on the vehicle.

Are US 6 cent airmail envelopes worth money?

They do have some value for collectors. And if they haven't been used, they can still be used to mail a letter, with the addition of value to the current rate.

Your car is not on record as having been repoed?

there is no reason for it to be on record, if you are a buyer

Can you use money that's been written on?

Yes, money that has been written on is still legal tender, but money that has been torn is not.

If you file for bankruptcy and your car is being repossessed through the bankruptcy with a loan on it and the car interior has been modified and damaged would you still owe anything on it?

If the car is being repoed then you owe something.

Are 10 dollar bills made in 1950 still in circulation?

It's possible, but anything printed that long ago and still exists has most likely been pulled from circulation by collectors.

Invalid check is it still money owed to you?

If the check is invalid, then the debt has not been settled. The money is still owed to you and you can collect it in another form.

Who collects one dollar bills?

*I* do... People who collect and organize coins are called numismatists, and this term has often also been applied to collectors of paper money.

Can you still change Cyprus pounds into English money?

Unfortunately not- Cyprus adopted the Euro in 2006, and it's old currency of Cyprus pounds and Cyprus cents have not been legal tender for several years now. Thus they are not exchangeable, and are only of interest to coin collectors.

Do you still use spitfires?

Spitfires have not been used in a military capacity by any nation since the early 1960s. THey are, however, commonly found and restored by collectors.

How can they still get money from us if they got 10000.00 at auction and you have paid 10500.00 do you still have to pay 10000.00 more for a car that cost 17000.00?

You paid $10.500 for auto. It went to auction! then it must of been repoed! How much did you owe on auto when it went to auction. the auction paid 10000 & THE COST WAS $17000. Did they send you a paper showing balance owed to car along with auction sale price. I wouldn't pay another cent to them.

Can you be sued for a car that has been repoed?

If your car was repossessed, they will sue you for the difference in what the car sells for and the balance on the loan, plus repossession fees.

Are Kennedy half dollars still made?

Yes, but during the last few years they've only been distributed in Mint and Proof sets sold to collectors.

In Utah can a car dealer repo the car and not give you the car or cureor not notfi you after its been repoed just simply keep your car?


Are will Kirby and shannon still together?

Will has been dating Erin from "For Love or Money" for years.

Why can't you have a 5000 dollar bill any more?

It's actually still legal tender at face value, but all large denomination bills were withdrawn from circulation in 1969, and none had been printed since 1945. Fewer than 400 of them are known to still exist, and are worth far more to collectors.

Tiger airway supposed to refund your money they still havent credited your money?

I have been waiting for my refund for almost a month they are rediculous

Is Soviet money still good today in Russia?

No, those are not valid any longer. There have been several changes of money from 1991.

How do you find out if your car has been towed?

So call The Police immediately. And also call your dealership cause you might of gotten it repoed. Behind on your payments?

Does a company need to notify the consumer of money owed before reporting to debt collectors?

Yes, it would be normal to invoice the consumer by mail several times before passing the debt to the debt collectors. However, have they got your address correct?, has the mail gone missing?, has someone at home been hiding the bills?. If you are in difficulty (at least in the UK) you should seek (free) help from the Citizens Advice Bureau about how to deal with the dept. Note also that when a dept is passed to collectors they begin adding their charges on top - it is how they make their money!.

What was the last year for the Kennedy half dollar?

Kennedy halves are still being minted. They haven't been put into circulation recently because of low demand but they're made available to collectors.

Who was the president on the 5000 dollar bill?

James Madison is shown on the $5000 bill. These bills have been withdrawn from circulation. Those that are still around are collectors' items and sell for more than $5000.

Can you be sued if you still owe money on a car that has been reposessed?

Yes. lenders have the right to collect there money. The only way you can get around this is to file for bankrupcie.

What if after wages have been deducted from your check and you dont have enough money to pay your bills?

well after wages having be taking from and i still dont no money for bills