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If you want the vehicle back you will have to pay the repo fees on top of the late charges and your normal monthly payment to where it is caught up. If you dont want the vehicle you will have to pay the balance of what the vehicle was sold for.
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∙ 15y ago
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I have a friend whom has a Leased Vehicle they tried to repo her car because of ONE unpaid parking ticket?
The only way her vehicle can become repossesed is if she missed a payment.
If you have a 135K loan on an RV with 18 years left to pay it off what will happen if you stop paying if you don't care if they take back the RV and can they go after your other assets?
Assuming the vehicle is repossesed and sold to satisfy the debt, you will still be responsible for any debt remaining after the sale. It all depends on whether the vehicle is worth more than the remaining debt. If you are "upside down" in the loan you are liable for the difference.
How do you know if you car is going to be repossesed?
The best indicator is that you still owe on the car, and you have stopped making payments.
Do you have to pay for vehicle after being repossed and loan not satisfied?
Yes, you still have to pay. You signed a agreement stating that you would pay for the car. So the balance that you pay is the cost of the repossession and the cost of the vehicle after it is sold. No! Then company will try to scare you but you don't have to pay it because its still going to be on your credit report.
If you had a vehicle repossessed and the vehicle was sold at auction how long would the financial institution have to legally receive payments for balance owed.?
From expierence, we had a vehicle repossesed over 10 years ago. I don't know if it's legal or not, but the company has been getting money from us ever since. I don't even know how much we still owe, they do not send a statement or anything.
Do I have to pay car insurance on a vehicle in an accident?
Are you still using it? If so, yes.
What can happen if you don't pay a title loan and you still have the car?
The vehicle can be repossessed.
Can a repossession still be reported to your credit if the company has since sold the car?
Yes, because reguardless of what the company did after they took back the car, the fact still remains that it was repossesed.
Do most finance company allow you to pay the late payments and then continue with the agreed contract if the vehile was repossessed?
If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction. Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.
What happens after after a car is repossesed?
Your credit is shot to hell, you have no car, and you probably have to pay the remaining balance of whatever you owe minus the value of the car they took back.
What happens if the item is not available for repossession?
theyll take you to court and youll have to pay for the repossesed item thatbelongs to them i would advise you not to get anything you will notbe able to afford
If your car is repossesed what happens?
they take the car and sell it at an auction then send you a bill for the difference between what they sold the car for and how much you still owed on it.
