you do.AnswerDepends what state you are in, but where I am, it is called "surplus" funds and they are owed to the debtor. AnswerI think in biblical time that was referred to as a MIRACLE. Vehicles almost never sell for more than what was owed on the loan.
Most end up with a deficiency that the debtor still owes. If your car sold at auction for more than you owed I would take the remaining money they owe you and get to Vegas quickly cause you are darn lucky...
Yes and No... Once the vehicle is repossed you are afforded an opportunity to pay what you owe and retrieve your car... If you dont meet the requirements to satisfy the lien holder, the vehicle will go to auction. After the auction whatever is owed on the remaining balance is is the responsibility of the loan holder & or co-signer.
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.
Once the vehicle is repoed, if it is not redeemed, the vehicle is sold at auction. This purchase price is applied to the debt. The problem is, the repossession procedure can add much more to the balance owed. So, there is likely to be a remaining balance, and it could be higher than was originally owed on the loan before the vehicle was repoed. In cases where a balance remains, the lender may decide to take legal action and sue the borrower.
In Canada the answer is yes if it is repossessed by a bank (or credit institution). Any car that is re-possessed by a bank or credit company has to be put up for auction. You can always get your vehicle back if you pay whatever arrears you owe the bank as well as the the fees that the bank had to pay to the repo company before it is sent to the auction house. However, you do need to act quickly. I have never heard of anyone getting their vehicle back once it is up for auction (and in Canada the auction companies used by banks are only open to car dealers).
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 mean an impounded vehicle, it probably depends on the locality, but here in my city, the police department sells siezed vehicles once a week at an auction.
No the auctual auction does not charge tax, they get a fee of the total price, but once a dealer sells that car that dealer has to pay taxes on that vehicle.
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.
Once can purchase a vehicle with refinance money in the UK in a variety of ways. One can obtain the loan first, or refinance on the terms the dealership gives you on the day of sale.
Usually you will get a sale letter from the finance company or bank letting you know where the car will be sold, at what auction, and once it is over they will send you a letter of how much the car sold for and the remainder they will send you a bill for. This is concerning a public auction of your vehicle. If it was sold privately by the dealership or whomever, the only thing to do is call and ask.
I believe that once the car is sold at an auction or other means, you are suppose to be provided with paperwork showing you the amount it sold for and any remaining balance. If there is a remaing balance, you will probably be ask to pay it.
They really do not have to notify you at all. The only notification at the end is the remaining balance that you owe once the vehicle has been auctioned off.
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
Repossessed cars are typically cleaned up and resold on a dealers lot. However, if the lienholder (the person who repossessed it) feels that it will cost too much to restore the vehicle to a sellable status, they will just put it in an auction and take whatever they can get for it. Repossessed cars are first examined fully to determine the remaining value of the car. If the car is suitable for repossession, it will be resold to another person for a discounted price.
Just contact your lender and get a preapproval letter for the amount you can get lending for. then obtain your loan once the auction is final.
You really don't. Bt you can make an estimate. Take the amount owed on your loan at the time of repossession. Once the car is sold, the lien holder will contact you. See, they're not likely to get the full amount owed by you at the auction, so there'll be a remaining balance. They're going to expect you to pay that back still. They'll tell you what that amount is. So you subtract that amount + repossession and storage fees from the balance you had prior to the repossession, and you'll get a rough idea of what it was sold for at auction.
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1-6 months depending on the lender. Once the vehicle is picked up and sent to auction which will happen in 30-60 days.Once the paperwork is processed when the vehicle is picked up the cbr should be updated within 30 days.
No, that is not possible. An eBay auction can run for 1,3,5,7 or 10 days, but once you have made the selection and submitted your listing, the duration cannot be extended.
Thats depends on the agreement between the lender and the dealer. No once the deal is financed the dealer is out of the picture except for repairs etc.The process goes like this: Vol surrender will intail you agreeing to a time and date for a recovery company to come get the vehicle. In-vol repo the vehicle is picked up when it is found by the recovery company (repo man).The vehicle will be towed to a lot and store and cleaned for auction. You may have a opportunity to re claim the vehicle at this time by bring the account current depending on the lender. At aution the vehicle will be sold at wholesale and the remaining balance if any will be sent to a third party collection agency and collection efforts will begin against you. In some cases the dealer may have to pay for your default but that is pretty rare.
Tax rates vary by location.
There is no set limit. Some lenders will classify the repossession as a "Direct drop." this means that once the vehicle is recovered, it is taken or transported immediately to auction. It often depends more on the lender and their individual procedures.
Just once... with 61 remaining.
When cars are financed, they're usually financed by a bank or some other type of lender. Once the car is repossessed, and the person it's repossessed from fails to recover the vehicle, the vehicle is sold at auction. Dealers attend these auctions, and bid on those cars. Once they've placed a winning bid and paid for the vehicle, it's theirs to sell. Now, if a dealer is the one who financed the car, they'll be the ones to repossess it. Once they've determined the person it was repossessed from isn't recovering the vehicle, they have every right to sell it. Hate to break it to you if this was your car, but it was never yours - so long as there's a lien on that vehicle, the lien holder is the rightful owner of the vehicle. Once they've given up on you reclaiming and making further payments on that vehicle, they can do whatever they want with it - because it belongs to them, and always had, from the moment they became the lienholder.
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