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In Indiana if a car is reposessed and you only owe a few payments and the vehicle is sold at an auction do you get any of that money back?
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∙ 15y ago
lol no
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∙ 15y ago
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Can a vehicle be reposessed for late fees on the loan?
It depends on how many times you've been late on vehicle payments. Most of the time though as long as you are making a payment of some kind on the loan your vehicle will not be repossessed.
If your car is reposessed do you have the right to bid for it at auction?
If your vehicle is being sold at a "Public" auction where anyone can go in and bid - then yes you can bid and/or buy your vehicle. Keep in mind that - if for instance - you owe $5000.00 and you buy your car back at auction for $3000.00 - you will still owe the lender the $2000.00 difference. In other words - you are not going to be able to get by on purchasing your vehicle at auction for less than what you owe and then not have to pay the rest to the lender.
Are you required to pay for the car after the car has been reposessed?
You will be required to pay for the remaining loan amount after the vehicle is sold at auction and the expenses are recovered from the auction. In other words, you will probably have to file bankrupcy if you owe very much.
Can your financial institution have your vehicle reposessed if they don't have your current address?
Only if you are behind on the payments........ Finding your current address is about as hard as posting this question on this board. It only takes about $100.00 to get your new address from an old friend.
When can a car be reposessed even when the payments are made?
If it goes into impound, the car can be repossessed. If the car is not retrieved from impound, then the agency which put it there files their own lien, which takes precedent over any other lien already existing on the vehicle.
Can a lien on car you perchused full in cash but dealer has a lien on the car still be reposessed?
If you purchased the car in full with cash then there shouldn't be a lien. Look at your paperwork to make sure it says "Paid In Full" if it does the dealer has no right to repossess a paid in full vehicle. A lien is where you are making payments for a vehicle and the vehicle is being used a collateral until the vehicle is paid off.
Can a car be reposessed without having insurance on it?
Of course. If you don't meet the obligations of your finance contract they have the right to reposess the vehicle. Your main obligations are to pay the payments as agreed and keep insurance on the vehicle as agreed. Read your finance agreement. I have seen many occasions when companies have to repo a vehicle because the customer won't keep the insurance on it.
What will happen if your car is repossessed in NC?
Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.
What license do I need for vehicle auction?
How do I get an auto auction licence? So I can buy cars at an auction.
If a car is reposessed and was sent to auction is it legal for the repo company to bill for storage fees for the period the vehicle was in their lot?
No they are just trying to get extra money off you , that's why a repo company tries to wait till the last second to send a car to the auction. so if there is some chance of you redeeming your car they want you to do it there so they can get storage fee's off you. I cover this topic and more at www.stoptheRepoman.com
After a car repo if late fees storage fees and payments are updated can you get the car back even if it has gone to an auction house?
Up until the vehicle is resold at auction, it can be redeemed...in most cases. If the lender has determined the vehicle is a "direct drop," that is it is immediately taken to auction upon repossession, then redemption is going to be unlikely. If you have paid the outstanding fees, and at least have arrangements with the lender, demand the return of the unit. Do not stall, do not wait for them to move.
Can you pay the late payments before the car goes to auction?
In most situations yes. However, it is important to know that the lender may ask for payment in full before redeeming the vehicle back to you.
