The judgment creditor must be paid in full according to the terms of the judgment order. Most judgments are renewable and can remain on a credit report indefinitely until paid.
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
If i have a vehicle repossessed in the state of texas, is there anything that requires me to pay off balance after vehicle is sold at auction?
If the vehicle is paid it is yours you should not have to wait any amount of time.
likely NOT. TFC uses a wholesale auction and you wont get in. If you want to redeem your vehicle just pay it off.
The lender will pursue collections for any unpaid balance for seven years from the date the car was sold after being repossessed. If the balance is large, they may pursue legal judgment. Obtaining this, they will have ten years from the date of judgment or last payment.
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.
you don't. you get the vehicle and the payments.
Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.
The former owner of the car, now still owner of the DEBT, gets to pay the debt. The leinholder will likely get a judgment for the balance due and proceed to collect. Uless your name is 'turnip", you will pay.
It will show as paid or satisfied.
no cos i aint tellin u u are an idiot find out in a book
The car was repossessed one week before being off, now the creitor wants to charge me repossesses fees.
It depends on the judgment. If it is a Motor Vehicle Judgment it is not a secured claim which makes sense since they went after your license and not your assets. Sometimes these Motor Vehicle Judgments show up on your credit report and the only way to get it off is to settle the judgment or file bankruptcy. If it is not a Motor Vehicle Judgment it is most likely a secured claim.
Yes. What happens is that they auction the vehicle. They can auction a vehicle 10 days after they repossess it, not before. They take that money, apply it to the loan. Whatever balance is left is what you are responsible for. One thing you can question, is what the vehicle is auctioned for. They have to make every reasonable effort to sell it for book, they just can't sell it for $10 if it is a $10K vehicle, if you know what I mean. There are guidelines that they have to adhere to.
Most loan contracts state that if you are late, they can call the entire amount due. If that has happened and you have not paid off the vehicle, they can take back ownership of the vehicle. Your only option is to pay it off, sell it or turn it back.
You are allowed to remove personals that ARE NOT attached to the vehicle. The license plates stay with you, not the vehicle.
No, once a vehicle is repossessed it is no longer your vehicle. The only way to get it back is to make some sort of arrangement with the financier for you to keep the vehicle. This is usually paying off the missed payments, or even paying off the full balance. What you have to do to get it back is dictated by the financier.
yes You are obligated, under the terms of the original loan, to keep the lending instittion informed of your current address or where the vehicle is parked at night if it's not at your home. Once the lending institution has taken the paperwork to the courts and received a judgment, the vehicle is theirs and anything you do to prevent them from getting back their vehicle is considered theft. To save yourself a lot of trouble, just pay off the note and demand the title, or give them the vehicle.
Yes, he or she would be equally responsible for the repayment of the loan balance.
Yes most likely. If the lender is still on the title, if not then they cannot, without some sort of court order.
No, if it was it would be impossible to repossess a vehicle because no one would ever take them off.
Until you pay it off, yes. It is not yours until it is paid in full and the Lein Holder's name is off the title.
It might get repossessed.
Yes. The charge might be grand larceny depending upon the value of the vehicle, amount received for the parts and other extenuating circumstances.