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Brand, You COULDNT trade so you bought 2 more vehicles?? Is that correct?? IF so, you BEST move would be to sell the upside down car and put whatever you have to with what you get from selling to PAYOFF the loan. Sounds dumb huh? That is the CHEAPEST way out and keep good credit. Anything else will be MORE money AND collections. Collections usually include garnishment of your wages. If you know getting upside down was not smart, then you know this is the best way out. And please dont let a "friend" take up the notes. That only works in 1 out of 25000 cases. You'll probably be back in 2 months crying that your 'friend" didnt make the payments and "HOW do I get my car back".Please make the right decision this time. Good Luck
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∙ 2015-07-16 18:28:38
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Can the lender collect the rest of the money you owe on a car that they repossessed?
In most cases, YES
How long can they try to collect money from a repossessed car?
Until the Statute of Limitations tolls on the judgement.
What are the rights of a person who Co signing a church car loan and the car is repossessed with the bank trying to collect?
I wish I knew
What will happen to a car once it is repossessed?
It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.
What happens if you get your car repossessed?
if i get my car repossessed, can they put a llien on the house?
How can you locate your repossessed car?
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.
Can your car be repossessed if you lose your job?
No, but your car can be repossessed if you don't make the payments.
Can your car be repossessed due to no registration?
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.
What happens to a co-buyer if the car is repossessed?
Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.
If your car is repossessed in Arizona can they collect any deficiency or is the debt forgiven when they take possession?
The debt is NOT forgiven. See link below. ArizonaRevisedStatutes
Can a car be repossessed with a person in the car?
No.
If you purchased a vehicle for your son in your name and it is repossessed what will happen to you after the car is seized?
Likely you will have to pay the loan off after the lender sells the car. lenders have some legal options that will collect from you.
