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If your truck is repossessed in Oklahoma is the finance company reqiured by law to get as much of the owed balance as possible.?
Wiki User
∙ 19y ago
No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.
Wiki User
∙ 19y ago
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If your veh is repossessed in OKLAHOMA can you be garnisheed for any unpaid balance after auction?
Yes.
Is it possible that if someone buys a car and then gets it repossessed while still owing money on it for the people you bought the car from to sue you?
yes, unless they get the balance owed. If not they will sue for the remaining balance between what is owed and what they get from the resale.
Can your driver's license be suspended for not paying the balance of a loan after the vehicle was repossessed?
No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.
Can you get sued for the balance of your car loan after the car is repossessed and sold?
Yes.
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
Do you have to pay the balance after the car was repossessed and sold 3 yrs ago?
IF the lender obtained a judgment for the balance due, YES.
How do you find out if your car is going to be repossessed in Arizona?
If you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.
Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
Do you have to pay the balance of your car loan after it is repossessed?
yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.
When a car is repossessed does the finance company have to sell it for the amount it is worth?
no, they will sue you for the balance owed after the sale
You have one day before your car is repossessed is there any payment options?
Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no
