depends on how long it takes the bank to clear the check you have sent to them. if you send a personal check it may take up to 10 days to clear depending on the amount of the payoff balance
Probably not. You'd have to ask an attorney.
The deficiency balance in every state as relates to repossession is the outstanding balance of the original principle plus fees accrued by the repossession process that remain after the resale of the repossessed vehicle.
Yes it can.
Yes.
READ your contract you signed. Call a local attorney for state specific legal advice.
a lender can do as he/she pleases with the vehicle after 31 days...in the state of Alabama
READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.
Sure.
What state are you in??? Laws VARY by state.
u have no choice now. What state?
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
The vehicle will be sold at fair market value and the proceeds will go to pay off the secured loan. If the auction price does not cover the amount of the loan plus fees - then yes, the balance would be due from the consumer.