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In Arizona do you have to pay the balance in full if your car is repossessed?
Wiki User
∙ 12y ago
I have never lived in Arizona but I am in car sales and am familiar with the law in Tennessee and Virginia and North Carolina I would imagine the law would be similar because of interstate commerce laws.
If a car gets reposessed that has a balance on it from the leinholder the leinholder has a reposibility to its shareholders to recover as much of the risk as possible. What leinholders do is take a vehicle to an auction or private sale and get the most money they can for it. If the amount owed by the individual is $12000 and the financial institution only recovers $8000 it is the responsibility of the debtor to pay the difference of $4000 plus any charges accrued to prpare the vehicle for sale such as tow truck and or auction fees. if the car gets sold for more than $12000 than the former borrower gets the difference because it is still considered their asset and debts.
Wiki User
∙ 12y ago
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In Maryland how many times can your car be repossessed before you have to pay the full balance to get it back?
one time, be careful
Can you get sued for the balance of your car loan after the car is repossessed and sold?
Yes.
Can a car be repossessed from a car dealership?
if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed
Can you reclaim your vehicle after it has been repossessed if you are willing to pay the full balance in Michigan your car was repossessed 2 days ago and Toyota financial is saying that they must auct?
technically, you have 20 business days to pay the balance owed plus all fees that were incurred during repossession.
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
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
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.
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.
If a car is repossessed and they sell the car how much can you owe?
The difference between the sale price & loan balance is what they will bill you for.
If your car was just repossessed in Utah do you have to pay the balance in full or outstanding charges only if it was a buy here pay here lot?
READ the contract you signed. It determines what you pay.
What happens if you can't pay any remaining balance on a repossessed car and do not have a job?
The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.
Can you be sued for a car that has been repoed?
If your car was repossessed, they will sue you for the difference in what the car sells for and the balance on the loan, plus repossession fees.
