If your car is repossessed how do they go about getting the rest of the money from you?
After the car is repoed, the lender will ask you very nicely 3 or 4 times to pay the balance on the loan. Each time they will remind you that they have other legal remedies to use to collect. If you cant/wont pay the balance due, they will use the other legal remedies. Those may include: getting a judgment against you for the amount due plus fees, garnisheement of your wages, attachment of other property that you own.
In most cases, YES Read More
You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason. Read More
Once a car is repossessed, the bank resells it at auctions to make back the money lost on them. Read More
If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so. Read More
Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you. Read More
F a car was repossessed two years ago and you put an old car that a friend had on the road can they come after that vehicle for the money still owed after auction?
No. They can repossess their collateral (the car which was repossessed), and they can send a collection agency to hound you for money, but they can't confiscate your property. Read More
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for. Read More
The one who BORROWED the money and/or the on who COSIGNED the loan. Read More
As long as you owe them money they can take it. Read More
Contact the lender who repossessed the car. You will have to make up all back payments and pay all fees associated with the actual repossession. Read More
If your car was repossessed a few months ago and you owe 12K on it can they take any money from an accident settlement you are due to receive?
Only if they know you are getting it and have a judgment against you. Read More
You need a find a friend or a family member willing to help you. Read More
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed. Read More
Buying a repossessed car today can be a great way to save money, but be careful to inspect the car to be sure there are no hidden problems since they are typically sold "as is". Some dealers specialize in repossessed cars and you can also find them at a local auction. Read More
If the creditors repossessed a car and then sold it at an auction can you be made to pay for the rest of the money that they didnt get out of the auction?
Yes, you will have to pay the deficiency plus repossession fees. Your obligation was the balance on the loan no matter what the car actually sold for. If you do not pay they will sue you and you will loose in court. Read More
Yes, there are some instances that a person can get a repossessed car back in the state of Iowa. If the person pays all the money owed plus a repo fee, the car may be returned. Read More
If you put a lot of money in fixing up a car can you get the parts you installed back after it is repossessed?
NOPE, they are part of the car. Read More
It depends on which state you live in really. I lived in Louisiana and my car was in my mothers name she decided not to pay and it was repossessed well 11 years later they contacted me again and requested the money for the car. But that was in 1994. Read More
If you still owe money, it may be repossessed at any time. Read More
When a car is repossessed voluntarily will the lender still try to go after the cosigner first to collect the rest of what is owed on the car?
Its NOT a matter of first or second, its who has the most assets that can pay. If the buyer doesnt pay, they will be on the cosignors steps the next morning. Vol or Invol, they want their money. Read More
No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration. Read More
Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car. Read More
I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000. Read More
if i get my car repossessed, can they put a llien on the house? Read More
No, but your car can be repossessed if you don't make the payments. Read More
The car gets taken to the impound lot, and you have to file paperwork and pay a certain amount of money to get your car back. Read More
dont see why not. I've repoed a car within a hour of getting the assignment. Read More
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan. Read More
Until the Statute of Limitations tolls on the judgement. Read More
Try and get a bus pass. Find a bike. You are likely never seeing the car again. Read More
if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed Read More
Did you borrow the money and sign a contract to repay the loan? Did you have your car repossessed because you failed to make your payments? They repossessed your car and sold it, and you owe the difference in what the car sold for and the balance on the loan. What difference does a letter or 8 years make. Be an honorable honest person. Pay them their money. Legally you may get out of paying… Read More
Stays on your credit rating for 7 years. Has a very negative effect. Read More
As soon as the lender sells the car, they will know what the balance due is. Then they will come after the money. You will know when that happens. Read More
Yes, when they auction it you will get back money if there is any left after the banks recovery expenses and the money you owe them. That is assuming the car is worth more than what you owe. Read More
When a car has been repossessed the person paying the insurance should cancel it. Read More
Yes, you can. Alot of times they will work with you. They don't want your car, just your money!:) Read More
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. Read More
Yes, if you have the money you can buy it. If you are searching for a car loan, you may have some difficulty in that. Paying cash, no problem. Read More
In ANY state, the FIRST call should be to the LENDER. They had it repoed, they will determine how much and when you get it back. Read More
On the surface, no. As long as you have not defaulted on the loan contract, there is no reason for repossession. The lender wants your money, not your car. Read More
It means the bank, or whoever loaned you the money for the car, will send people out to take it back. Read More
If your car was paid off, then why was it repoed? Or if you mean you paid it off after it was repoed, then if the loan company accepted your money,then they have to give you the car and title back. I would call them and get it back or your money back. Read More
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. Read More
Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible. Read More