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.
You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.
Yes you are
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
Go to bank or other place that repossessed the truck. Pay cash for it etc
I have a welding machine on the truck they repossessed can they keep that?
In general, yes, if you haven't files bankruptcy.
You can be sued and your car repossessed.
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.
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
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.