YES, read your contract.
You will also be liable for any deficiency balance
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.
If the lender has placed a judgment against you for the deficit balance (balance left after the car is auctioned/sold), then yes in most states, they can take the tax return and apply it to the balance owing.
Once the vehicle is auctioned off and sold there is usually a remaining balance left to pay. You will start receiving collection notices about the remaining balance. This is when you will want to prepare yourself to negotiate a settlement.
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.
Both are responsible until paid in full. It will also be on both credit reports as well.
IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.
Was the lender demanding the BALANCE DUE when you paid only the overdue amount? IF so, your recourse is to pay the balance due. IF not, contact a local attorney for state/case specific advice. None, just because you paid the overdue balance don't mean nuthin to the lender.
When your car is repo'd and it is auctioned off you are to pay only the balance of what you owe on the loan. So if you owed 10,000 and is sold for 8,000 you pay the balance of the loan whic is 2,000. If you have collections on your credit report call and have it investigated this way they cant keep renewing it for 7 years.
In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.
No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.
A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.
IF the lender obtained a judgment for the balance due, YES.
There is no way that you will be able to get that care back. Once a vehicle has been repossessed the company holding the car is in the process of auctioning that vehicle. You will have a balance once this vehicle has been auctioned out. You should receive a statement in the mail withing 60-120 days stating what you owe. Sometimes if you are lucky you will end up owing anywhere from 50-75% of the sales price of that vehicle. If you are not that lucky, and you are left with a full balance that you owe, your best bet is to negotiate with the lender or collection agency that has that account.
I would think most lenders would be hesitant to loan you more money when you have a delinquent outstanding balance on an old debt. You would be considered a poor risk. Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
ENTIRE balance Due including interest and fees - sale price. BUT, the lender can take an OFFER. cash works best. LOL bargain, negotiate, wheel and deal. good Luck
THE VEHICLE WILL BE SOLD. IT IS USUALLY THE HIGHEST OF THREE BIDS AND THE AMOUNT IS OFTEN BELOW WHAT THE AUTO IS WORTH. THIS AMOUNT IS DEDUCTED FROM THE BALANCE OF YOUR LOAN. THE AMOUNT THAT IS LEFT OWING WILL HAVE TO BE PAID,IF YOU DO NOT PAY,YOUR COSIGNER IS RESPONSIBLE FOR THE BALANCE OWING. GOOD LUCK ROD.
Yes, you are required to make the payments, before and after the car is repossessed, after the vehicle is auctioned you will receive a letter from the bank stating what your car was auctioned for and the remaining balance you are required to pay. just to end the ultimate myth if you surrender you car it will make no difference on your credit DO NOT LET THEM LIE TO YOU! a repo is a repo voluntary or invol. it will just show up as a repo, and you get no where close to the value of the car remember it's going to a dealer auction and they normally get rock bottom price. example: if you have a 2002 mustang that you paid 20,000 for you will probabley owe 17,800 that vehicle will bring 5,000 - 6,000 tops! probabley less and you are required to pay the remainder of the balance. also you will not get a car loan for about a year after the rpoessession if you are lucky... I cover more about this and the other lies that the banks tell you at my website www.stoptheREPOman.com
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
no, they will sue you for the balance owed after the sale
yes, unless the co-signer claims bankruptcy