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If your car has been repossessed and you cannot pay what you owe should you let them sell it?
Wiki User
∙ 18y ago
You have no choice.
Wiki User
∙ 18y ago
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Will a dealer allow you to use a car that should have been repossessed but was never picked up as a trade-in?
If you cannot produce a "clean title", you cannot sell or trade the vehicle.
If the creditors repossessed a motorcycle and then DID NOT sell it at an auction do you still owe?
No you don't still owe; once the motorcycle has been repossessed, it is no longer your concern. Whether the creditor sells it or fails to sell it is the creditor's problem, not yours.
Does having the title to a repossessed truck give you any legal rights?
NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL
After a car has been repossessed from a title loan how much can you sell it for and can you get the balance owed?
What are you trying to ask? After your car has been repossessed, you can't sell it - the lender will. You will get nothing, unless by some unusual circumstance it is sold for more than the amount of the loan plus interest plus costs of repossession and sale. If that happened, you SHOULD get any additional amount, but more likely you will be expected to PAY whatever remains of those amounts after the sale price is subtracted.
What do banks do with repossessed motorcycles?
Sell them for very cheap prices.
What is intent to sale on a vehicle?
Depending on the context, someone is saying that they intend to sell. If a vehicle has been repossessed, for example, the lender can notify of an intent to sell, to recoup losses on the unpaid part of the loan.
Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
Can a title pawn sell your car after its been repossessed without telling you?
Yes. Once you default on your loan, it's their car. They're not obliged to tell you anything.
In Virginia can a credit company repossess your car and still demand the money owed above the value of the car?
When your car is repossessed, they sell it for what they can get. Value has nothing to do with what price it brings. They simply get what they can. You are then responsible for the difference in the amount they sell the car for and the balance on the note. Your credit is then ruined for 7 years. This is why having a car repossessed is a horrible idea, and should be a last resort.
Can you sell the engine out of a car that is going to be repossessed?
No, you must surrender the vehicle in the condition you received it in.
When is it necessary to repo mobile homes?
It is necessary for banks to repossess mobile homes if the owners cannot pay the mortgage. Often banks will sell these repossessed homes for a cheaper price because they need to get rid of it fast.
Do you have to pay for a car if it is repossessed?
The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.
