Repossession
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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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2010-07-16 17:17:24
2010-07-16 17:17:24
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No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.

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.

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.

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.

Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference and will have to pay it.

The difference between the sale price & loan balance is what they will bill you for.

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.

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.

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.

Yes. Once they sell your car after ropossession, they can garnish your wages, for the rest of the balance owed.

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.

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.

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.

Illinois does sell liquor on Sundays.

the bank will sell the motorcycle normally at auction what ever it sells for is taken of what is owed and you pay that balance if it makes more then is owed a refund is payed

Whatever the sale of the auction is the bank will take it and pay the cost for the auction and whatever the balance is will be applied to what is owed. So if your car sells for $9 thousand, and the cost is $1k to sell $8k is applied to the balance of the car. If you owe $12k minus $8k you will owe $4k.

Sell them for very cheap prices.

The will sell the car (usually at auction) and if they sell the car for less than you owe, you will be responsible for the difference. The lender may take the issue to court and obtain a judgment for the balance owed. If this is not paid they may take further collection action with may include wage garnishment. The tow company used to repo the car will usually also attempt to collect their fees from the borrower.

If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.

Yes, Illinois does sell beer in convenience stores.

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 you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.

Do they? NOT usually. CAN they?? yes, if you convince them to. reporting a repo is reporting a fact. The repo DID happen. They report the payoff. That is a fact also.


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