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READ your contract you signed. Call a local attorney for state specific legal advice.

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โˆ™ 2015-07-16 18:11:59
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Q: Is a cosigner liable for the balance of a repossessed vehicle if the loan company auctioned it without notifying them?
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Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?

YES, read your contract.


What happens when a car is repossessed and you are the cosigner?

You will also be liable for any deficiency balance


If I am a cosigner on a car loan and it gets repo is the owner of the car responsible for the remaining balance after it is auctioned or is it the cosigner's responsibility?

Both are responsible until paid in full. It will also be on both credit reports as well.


If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?

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.


Can a car really get repossessed then auctioned for one cent and the owner be charged the balance?

It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.


If your car gets repossessed and you choose not to pay for it can they take your tax return?

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.


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 are you liable for when your car gets repossessed?

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.


If you allow a car you cosigned for to be repossessed then pay off the balance after it is auctioned will it still affect your credit?

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.


What options do you have if your car was repossessed in California you paid the overdue balance but they auctioned it anyway?

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.


How do you stop collections on a repossessed vehicle My car was repossessed in Missouri the bank sold it and now a collector wants me to pay the balance not the difference. Any advice I need help?

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.


Can someone garnish a cosigner for a car and garnish the primary also?

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.

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