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If your car is repossessed are you responsible for the balance after they sell your car in Illinois?
Wiki User
∙ 2010-07-16 17:17:24
Wiki User
∙ 2010-07-16 17:17:24
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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.
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.
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.
Can you still owe money after your car is repossessed?
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.
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
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.
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.
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.
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.
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.
When a car is repossessed and the value is less than the amount owed can they garnish your wages for the balance since the car was the collateral?
Yes. Once they sell your car after ropossession, they can garnish your wages, for the rest of the balance owed.
