The Uniform Commercial Code in every state requires only the lender to sell "in a commercially reasonable manner". That's all. There is where the conflict arises on the selling price. A debtor who buys a car for $5000.00 more than it is worth is often heartbroken when s/he still owes $8000.00 after it is sold at auction to a WHOLESALER.
Having a car or other item repossessed does not mean anyone has to file for bankruptcy. Bankruptcy is to protect you from creditors and should be sought if you owe more than your net worth and have no reasonable prospect of being able to pay what you owe.
No, it is probably not too late. It certainly will help your credit either way. Call them immediately. Do not allow it to be repossessed if at all possible.
No you don't still owe; once the motorcycle has been repossessed, it is no longer your concern. Whether the creditor sells it or fails to sell it is the creditor's problem, not yours.
READ your contract. It should deal with that issue. If you meet the conditions set forth by the contract, YES, they can refuse.
Yes, I understand that certain states (Texas, Michigan, California) have state laws that prohibit original creditors from calling you once you have addressed them in the proper manner.
NOT IN CALIFORNIA..YOU CAN FILE HARASSMENT CHARGES AGAINST THEM.
While most creditors will allow you to have your vehicle voluntarily repossessed, some lenders will not accept them. Your best resolution in this case is to contact the finance company and determine why they will not collect the vehicle. Ensure that they are indeed accepting the voluntary repossession. You will still be required to pay the remaining balance unless you are told otherwise.
creditors have debit balances as advances receive from creditors..........
Creditors can force a person into bankruptcy, if you are not already, but generally speaking, you cannot load up all your net worth in your home, and refuse to pay everybody else. This is why creditors can force a person into bankruptcy under the right circumstances. They usually don't, but they can.
When they send the letter, it's ten days from the time the letter was drafted. As for when they can repossess legally, that's a matter of your contract, and the laws of your state. Repossession agents and creditors stay pretty up-to-date on legal issues, and if they've repossessed your car, it's probable that they did it in a timeframe where it was legal for them to do so.
duties of a creditors clerk
Why a business have creditors
Yes. California allows income garnishment by judgment creditors. The law also allows a judgment creditor to place a lien on real property owned by the judgment debtor. Generally the homestead exemption will protect a primary residence from a forced sale for debt owed. Judgment creditors rarely request a forced sale of a primary residence because it is a complicated and lengthy process and is seldom profitable enough for implementation.
Yes The lender has to provide you with this info.You should demand it from them. The lender is required to provide this only if requested in writing by the debtor.
Average Creditors / Credit purchases = '?' x 360 = '?' ex. Average Creditors / Credit purchases = 50 000 / 120 000 x 360 = 0.4166 x 360 = 41.7 (average creditors = Creditors at the biginning of the year + creditors at the end of the year divided by 2) Average Creditors / Credit purchases = '?' x 360 = '?' ex. Average Creditors / Credit purchases = 50 000 / 120 000 x 360 = 0.4166 x 360 = 41.7 (average creditors = Creditors at the biginning of the year + creditors at the end of the year divided by 2)
yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.
You can get a list of your creditors by checking your credit report. Most of all creditors will report to the agencies and will have a record.
Yes, you will have to pay the deficiency plus repossession fees. Your obligation was the balance on the loan no matter what the car actually sold for. If you do not pay they will sue you and you will loose in court.
Purchases A/c -Dr 5000 To Sundry Creditors 5000
When you have a car repossessed, either voluntarily or involuntarily, that car will be resold - typically, at an auction. You will still owe the lienholder the amount you owe (plus any associated recovery costs) minus the amount they got for it at the auction.
When amount from more than one small creditors are join and shown together it is called sundry creditors.
When company purchases materials from different vendors on credit, those combined creditors are called sundry creditors.