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If your house is repossessed and it sells for less than what is owed are you responsible for the balance?
Wiki User
∙ 15y ago
Usually, yes. The same follows with cars.
Wiki User
∙ 15y ago
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What happens if you stop paying your monthly payments?
Your car will be repossessed, your car will be sold, you will be responsible for the difference in the price the car sells for and the balance on the loan plus repossession fees, and your credit will be ruined for 7 years. Contact the lender and work something out. Don't let this happen to you.
Do you still have to pay off the loan once your car is repossessed?
In almost all cases, YES. At the very least you will pay the difference in what the car sells for and the balance on the note.
Are you responsible for the unpaid car loan after your car has been repossessed?
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.
How does Chrysler financial handle repossessions?
Chrysler sells their repossessed car at auction.
Do you have to pay the balance owed after self repossession?
You pay what is owed after the creditor sells the car for. So if you owed 10,000 and the creditor sells it for 8000 at an auction, then you would owe the remaining balance.
Where do you stand if repossessed truck is sold for less then the loan?
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
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.
Can you be sued for a car that has been repoed?
If your car was repossessed, they will sue you for the difference in what the car sells for and the balance on the loan, plus repossession fees.
When a car is repossessed what happens to its owner?
Your credit is damaged. You are then responsible for the difference in what the lender sells the car for and the balance on the note. It cost you in more ways than one. Don;t let it happen to you. The lender does not want to repo the car. Work out something with them.
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.
What happens if your repossessed car is sold for more than you owed?
Randy, IF it sells for more than the unpaid balance, you should receive the excess.
Approximately how long after your car is repossessed do they come after you for the deficiency?
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.
What happens if you stop paying your monthly payments?
Your car will be repossessed, your car will be sold, you will be responsible for the difference in the price the car sells for and the balance on the loan plus repossession fees, and your credit will be ruined for 7 years. Contact the lender and work something out. Don't let this happen to you.
Do you still have to pay off the loan once your car is repossessed?
In almost all cases, YES. At the very least you will pay the difference in what the car sells for and the balance on the note.
What payments may you have to make if your car is repossessed and can they garnish wages?
Payments are the entire balance due after the lender sells the car and YES, in most states they can garnishee your wages.
Are you responsible for the unpaid car loan after your car has been repossessed?
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.
The bank repossessed your motorcycle what will you still have to pay?
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
