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When a vehicle is repossessed by the lender it is sold at a public auction for as near the fair market value as is possible. The amount the vehicle is sold for is deducted from the balance of the loan and the borrower is responsible for the repayment of that amount plus any interest and additional fees. If the borrower is unable to make a payment agreement with the lender, the lender does have the option of suing for the amount owed and legal costs. It isn't possible to give a definite answer on if the lender will or will not sue the borrower for the debt.
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∙ 17y ago
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Can you be sued if you let your mobile home be repossessed?
You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.
Are you still liable for the payments if your truck is repossessed in Alberta?
Yes you are
If your workers truck was repossessed and he had your tools inside how do you get your tools back?
ask the guy that repossessed your workers truck for the tools that were in that truckask the guy that repossessed your workers truck for the tools that were in that truck
How can you buy a repossessed truck?
Go to bank or other place that repossessed the truck. Pay cash for it etc
Can you be sued after your house is repossessed?
In general, yes, if you haven't files bankruptcy.
Can you get sued for the balance of your car loan after the car is repossessed and sold?
Yes.
What do you do once your car has been repossessed?
I have a welding machine on the truck they repossessed can they keep that?
What can happen if you havent paid your car in 4 months?
You can be sued and your car repossessed.
How can I get my repossessed truck back in Indiana?
The only way to get a repossessed truck back in the state of Indiana is to pay the balance owed. Sometimes, you can contact the lender and make arrangements to get the truck back without paying the whole amount.
Can your wages be garnish if your RV is repossess?
Only if you are sued for the debt. First the RV is repossessed. Then you will get collection notices in the mail. If you are going to be sued, you will get notice of that too. If you are sued, the judge can award the creditor a judgment that allows them to garnish your wages.
Does having the title to a repossessed truck give you any legal rights?
NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL
Can your truck be repossessed if you are using it for income?
Yes, your truck can be repossessed even if you are using it to earn an income, however, you can tell your creditor that you are earning money with your truck, and that if the creditor does not repossess the truck you will use that income to make payments on your loan. Of course, if you are not making payments, and spending all of your income on other things, then the creditor has no motive to let you keep the truck.
