answersLogoWhite

0


Best Answer

Sure is, they can get a judgment for the balance due on the loan minus what the car sold for PLUS any fees incurred(repo,attorney,auction,ect.) It should be in the contract you signed.

User Avatar

Wiki User

โˆ™ 2011-09-12 22:10:44
This answer is:
User Avatar
Study guides

Health

21 cards

Im with someone in the army and we want to get married asap but would he get into trouble he is 21 and im 16

What does teachorous mean

What is the first aid treatment for arterial bleeding

What is the difference between an intentional and unintentional injury

โžก๏ธ
See all cards
3.38
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
45 Reviews

Add your answer:

Earn +20 pts
Q: If your car was repossessed is there a law stating how much a finance company can sue you for after it has sold the car?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

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.


Does a bank or finance company have to tell you how much your repossessed car was sold for?

Susan, what state are you in?? Who was the lender?? Laws vary by state. Email if you need too. Thanks


How do you get your car back legally from the people who bought it?

It depends on what you mean. Do you mean from someone (a third party) who purchased your car from the finance company after the finance company repossessed it from you? If so, there's not really too much you can do other than find the person and make them and offer.


Can a car be repossessed for late fees we have never been late on the payment but got late fees?

If your payments are current, they're not coming to repossess your car. Trust me, the finance company would much rather have your money than your collateral (i.e., the car).


Can you cash a check written to you by your insurance company for a car that was totaled but still has remaining payments on it to a finance company?

Sure you can, but you're still responsible for paying off the loan to the finance company. If the check will cover the pay-off, give it to the finance company. If it doesn't, give it to them, anyway. It'll reduce your debt by that much.


Where are the headquarters of the company Finance Credit?

Finance Credit is a company that no longer operates, having gone bankrupt in 2002. There was much scandal over their closure, due to a criminal investigation into siphoning funds. The founders of the company are currently serving prison time, in Norway, where the company originated.


What happens if you pay your car loan so it doesnt get repossessed but you dont have insurance?

Your car finance company will add their own insurance that covers their vehicle, but not your liability. ANd it will significantly increase your payments. It would be so much cheaper and better protection for you to find your own insurance. Park it until you get insurance.


How do you have your car voluntarily repossessed?

The Correct :Most Finance Companies make this very difficult.1)Take the vehicle to the manufacturers nearest dealer for a service appointment. Leave the car there. Remember the Service Reps First and last name.2)Contact the finance company and let them know what dealership the vehicle is at.3)Notify the finance company that you would like to have your vehicle voluntarily repossessed and to pick it up directly from the dealer. Reference the Service Reps Name and write down the the customer service reps full name.4)You can ignore any further attempts to contact you by the finance company or dealership.5)Most finance companies(in California) will not seek deficiency judgement your credit however will be ruined for 3 years.The finance company has no reason to work with you if you can no longer afford to pay.You simply call the finance company and tell them that you are unable to pay for the car due to unforeseen circumstances and make arrangement for them to either pick the car up or ask where you should take the vehicle. I had voluntarily surrendered a car years ago and the Manufacturer made arrangements to pick up the car at my home.There were fees involved and they actually prorate your loan and you will be charged for a certain amount of the cars value. Even if the car is only 3 months old, it is now considered a used car and the finance company cannot sell it as if it were new....it will have depreciated in value as much as 30%


If your car gets repossessed how long until you find out how much you owe?

The lender will tell you ASAP after the repo if you call and ask. Or they will send you letters stating the BALANCE due after the car is sold. Communications is the way to go.


Monique's previous credit card balance is 199.26 and she has a monthly finance charge of 1.5 How much will the credit card company assess in finance charges on this balance?

$2.99


How do you survive in software company without knowing much technical things?

yes, if you go into accounts , finance etc...


What happens to a person if they hide motorcycle that is being repossessed?

Nothing will happen to a person if they hid a motorcycle that is being repossessed. Eventually, the company that is trying to repossess will either give up or find you. They will use all tools at their disposal depending how much is owed at the time.

People also asked