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What else can I help you with?
Can you go to jail if you do not pay all of the remaining balance after a repossessed car is sold?
NO, there are no more "DEBTORS PRISONS".
What is the difference between the remaining statement balance and the current balance?
The remaining statement balance is the amount you owed at the end of the last billing cycle, while the current balance includes any new charges or payments made since then.
Do most finance company allow you to pay the late payments and then continue with the agreed contract if the vehile was repossessed?
If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction. Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.
Can you sue a co-debtor for the balance remaining after your repossessed car was sold if the co-debtor was declared responsible for the debt by the court but never paid?
Yes, you can sue a co debtor for at least half of the remaining balance. You would owe part of it as well.
How does paying off principal affect monthly payments?
Paying off principal reduces the amount you owe, which can lower your monthly payments by decreasing the interest charged on the remaining balance.
What happens to payments made after a car is repossed?
Payments made after a car is repossessed will no longer be returned to the debtor. In fact, the lender can still require the debtor to pay the remaining balance of the loan.
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.
Is it legal for the car to be repossessed and still require payments to be made?
Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.
Do have to pay the difference on a repo car?
Yes. If you take out a car loan, fail to make payments, and the car is repossessed, you will have to pay the difference between the price the lender received at auction and the balance remaining on your loan.Since repossessed cars are usually sold at wholesale auctions, the difference can be thousands of dollars.
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 you go to jail if you do not pay all of the remaining balance after a repossessed car is sold?
NO, there are no more "DEBTORS PRISONS".
Where do you stand if repossessed truck is sold for less then the loan?
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
What payments may you have to make if your car is repossessed and can they garnish wages?
Payments are the entire balance due after the lender sells the car and YES, in most states they can garnishee your wages.
What happens if you can't pay any remaining balance on a repossessed car and do not have a job?
The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.
What is the difference between the remaining statement balance and the current balance?
The remaining statement balance is the amount you owed at the end of the last billing cycle, while the current balance includes any new charges or payments made since then.
What can you do if your car was repossessed last year and you paid the money to reinstate the contract in the a lotted time but they still sold your car and are now suing you for the remaining balance?
Stay current on your payments next time. Once you violate the terms of the contract, the vehicle is theirs and they can dispose of it as they please.
Do most finance company allow you to pay the late payments and then continue with the agreed contract if the vehile was repossessed?
If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction. Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.
