Yes. The borrower is responsible for the entire loan amount. The car is considered collateral for the loan. This does not imply that the loan value cannot exceed the collateral value. In fact this happens on almost every car loan, especially with new cars. The lender can repossess the car and sell it. They are required to apply the proceeds from the sale to the loan principal, but any remaining balance is the borrower's responsibility.
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.
Not at that stage of the process. Once the car is repossessed, it will be sold at auction for whatever amount it goes for. Usually very little. Then the creditor will apply that amount less fees (usually exhorbitant) to the amount owed and sue you for the balance. If the creditor gets a judgment for the difference, then it can levy upon your IRA.
yup The creditor who repossessed the car has to sell it (usually at auction) within a reasonable amount of time (2-3 months). They have to notify you that it will be sold. They have to give you any amount above what you owed plus reasonable attorney and other fees, or if there is a deficiency (the sale price and fees was less than what you owed), they can sue you for the difference.
How many 3s in 313433535333?
Is it true that one human year is equal to seven dog years?
How many fifths are in 6 tenths?
What is half of 74?
Who has won World Series both as a player and manager for the New York Yankees?
How do you spell water with 3 letters?
The more you take the more you leave behind what am I?
What Roman Numeral is xxx1x?
What is doomscrolling?
How did the Wiffle Ball get its name?
Do schools still teach cursive writing?
Can eggs break inside a chicken?
Why do books come out in hardback first?
What happens when a beehive gets too full?
What is the difference between an optometrist and an ophthalmologist?
How can you tell when someone's lying?
What are the advantages of stress interview?
Why the story entitled origin of fair complexion and fair hair?
Ano ang kahulugan ng iskolarling pagpapahayag?
What is a classified data spill or negligent discharge of classified information?
Ano ang papel na ginagampanan ng mga impormasyong ito sa mapa o sa globo?
Which of the following statements is true about storing classified documents?
When two pieces of cui or other unclassified information are posted online together?
What are the solutions to the crazy kiwi game?