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If your car is repossessed are you responsible for the balance after they sell your car in Illinois?
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∙ 13y ago
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When a car is repossessed does the finance company have to sell it for the amount it is worth?
no, they will sue you for the balance owed after the sale
What if I returned my car after purchasing it one year ago because I can no longer afford the payments?
It would be a very bad thing to do. You are voluntary having it repossessed. The lender will sell the car for whatever they can get and you will be responsible for the difference in what they sell it for and the balance on the loan. They will more than likely wholesale it and you will be stuck owing the rest. Your credit will also be ruined for 7 years. This is a horrible idea. Go set down with the lender and work something out if at all possible. You do not want your car repossessed.
Are you responsible for the unpaid car loan after your car has been repossessed?
No. Once your car has been taken away, that is the payment. The bank will have to resell the car and get what they can out of it. It depends on the state. Some (like mine) do not require the remaining balance after a resell. But your credit does get ruined for 7 years. The above answer is incorrect. Once they repossess your car, they will sell it. You are responsible for the difference in what the car sells for and the balance on the loan. You may also be responsible for the repo fees, depending on the state you live in. You credit will also be ruined for 7 years.
If you surrendered a RV can you be held responsible for debt after it is sold?
Yes, you are responsible for the difference in the balance you owed and the amount they sold it for. i.e.: owed 50,000, they sell it for 30,000; you still owe them 20,000.
If they send you the bill for the remaining balance after your car is repossessed do they expect you to pay the bill all at once and if you sell it for less than you owe how do you pay for the balance or sell it without a title?
If they send you the bill for the remaining balance after your car is repo'd do they expect you to pay the bill all at once, **YES**if you sell it for less than you owe, **YOU must come up with the difference between what you sell it for and whats owed to get the TITLE B4 the sale is complete**how do you pay for the balance lump sum, payments, garnishment of your wages, lien on other propertyor sell it without a title?**YOU DONT**this answer may be too long for this board so email me and Ill do a better job. It is NOT easy but VERY rewarding.
If your truck is repossessed in Oklahoma is the finance company reqiured by law to get as much of the owed balance as possible.?
No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.
What if your car is being repossessed?
They will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact the lender and work something out.
If car is repossessed do you have to pay the balance on the loan and if so how much?
Once they repo the car, the lender will sell the car for whatever it will bring. You will then be responsible for the difference in what the car brings and the balance on the note. You may even be responsible for repossession fees, and your credit will be ruined for 7 years.
What if repossessed truck doesn't sell at an auction?
then you still owe on it. you (as the debtor) are responsible for any remaining balance. when you don't pay that, you'll end up with a judgement and wage garnishment.
When a car is repossessed does the finance company have to sell it for the amount it is worth?
no, they will sue you for the balance owed after the sale
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.
If a car is repossessed and they sell the car how much can you owe?
The difference between the sale price & loan balance is what they will bill you for.
Approximately how long does it take after your car is repossessed for them to come after you for the deficiency?
As soon as they sell the car so they will know what the balance due is.
When you vehicle is reposed are you financially responsible to pay the bank anything?
When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.
What happens if a car is repossessed?
Unless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.
What if I returned my car after purchasing it one year ago because I can no longer afford the payments?
It would be a very bad thing to do. You are voluntary having it repossessed. The lender will sell the car for whatever they can get and you will be responsible for the difference in what they sell it for and the balance on the loan. They will more than likely wholesale it and you will be stuck owing the rest. Your credit will also be ruined for 7 years. This is a horrible idea. Go set down with the lender and work something out if at all possible. You do not want your car repossessed.
If you had the vehicle repossessed and it is listed as a charge off can they now sue you for the balance?
Yes. What happens is that they auction the vehicle. They can auction a vehicle 10 days after they repossess it, not before. They take that money, apply it to the loan. Whatever balance is left is what you are responsible for. One thing you can question, is what the vehicle is auctioned for. They have to make every reasonable effort to sell it for book, they just can't sell it for $10 if it is a $10K vehicle, if you know what I mean. There are guidelines that they have to adhere to.
