Should the lender tell you where your repossessed car will be sold so you can buy it back?
It is not required. However, if you do discover where the
vehicle is to be sold, provided it is close enough for you to
travel, you can attend if it is a public auction as opposed to a
dealer aution, and you bid like everyone else.
Now, that being said, it seems it would be much easier for you to pay the redemption and storage fees, reclaim your vehicle, and get out for less than if you were to attempt to purchase the vehicle. You will be help accountable for the fees regardless, and the money you pay goes to the lender either way.
Your car was repossessed years ago and you don't have info on the auction sale and how much it was sold for are you allowed a copy of that information from the creditors?
When a vehicle is repossessed by the lender it is sold at a public auction for as near the fair market value as is possible. The amount the vehicle is sold for is deducted from the balance of the loan and the borrower is responsible for the repayment of that amount plus any interest and additional fees. If the borrower is unable to make a payment agreement with the lender, the lender does have the…
Can you recover personal property if your vehicle was repossessed and the lender said they would give you two weeks but sold it after 10 days?
If you read the letter that the lender sends you within 5-7 days your answer should be there. There is a date that is stated when your car will go through the process of sold or auctioned if you don't reinstate! Sounds like they gave you 10 days instead of business days but.... did you read the date?!
If no paperwork was sent to you by the creditor how do you find out how much your repossessed car was sold for?
Cotact the lender and ask for a copy of the bill of sale, and a reconciliation of your account. The reconciliation should show the application of the purchase price. If not, demand they correct it. It can take perhaps up to thirty days for the lender to comply, and they may require you make your request in writing.
The laws for all US states are much the same. In MO. when a vehicle is repossessed by the lender due to a default in the terms of the contract the lender is required to sell the vehicle at public auction for the amount closests to its assessed value. If there is a discrepancy in the amount for which the vehicle is sold and the balance of the loan, the lender may pursue collection for…
If your car is repossessed and you want to get it back, you can contact the finance company and clear any outstanding payments. They may agree to return your vehicle to you if they have not already sold it but be warned that lenders try and sell repossessed vehicles as quickly as possible to try and recoup funds. The finance companies often sell the repossessed vehicles at a car auction. Here they can be sold…
As with all legal questions, you should seek the advice of a local attorney. That said ... in most places the lender is required to give "reasonable notice" to the borrower that the repossessed car is to be sold, and generally "reasonable notice" is considerably more than "a few hours". It could definitely be worth your time to consult a lawyer, especially if the lender sold the car for less than you owed on it.
If your car is going to be repossessed is it legal for you to sell it before the actual repossession?
YES, limited they may be BUT you DO have rights. First, you should get any personal property back that was in the car at time of repo. That PP was NOT covered by the security agreement. Next, you have rights as to how the lender sells the car. It must be sold in a "commercially reasonable" manner. That means the lender cant sell it to a cousin for $300.00 when its worth $3000.00. MOST lenders…
In NC what can be done if lender refuses to negotiate bal due on repossessed auto if they want 20000 for auto worth 10000?
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.
How can you find out where your repossessed car is being kept if lender will not tell you so you can get personal things out of the car?
LaTonya, it seems unlikely that the lender would refuse to let you get your PP UNLESS you are wanting something unreasonable(strip the car???) Even so, a call from an ATTORNEY should change the program. FL - repo agent has to inventory the car and send a "notice of siezure" of PP then you have 45 days to reclaim and pay the "inventory fee's" or items may be disposed of or sold to collect on the…
What are the debtor's obligations if Arizona chapter 7 secured interest is listed on car with intent to make payments no reaffirmation agreement is signed and car payment is missed and car repossessed?
If the lender repossessed the car while case was pending and you were protected by the automatic stay, the repossession was illegal and you should be able to get the park back by filing the proper motion with the court. If the case is over, you need to make the payments and have adequate insurance to keep the car if you did not sign a reaffirmation agreement. If they legally repossessed the vehicle and sold…
What happens in Texas if you voluntarily have your car repossessed and money is still owed after the car has been sold at an auction?
If someone has not made a payment on a motorcycle for three months and it was repossessed what should they do if they do not what the cycle back?
2 choices here. 1. Call the lender and tell them you dont want it. 2. Do NOTHING. Same results either way. Wrong the result is not the same by not taking action. Remeber you received a loan. The company didn't by a motorcycle they loaned you money. In the case that you do not want the bike back then let it be sold at auction. More than likely you will have a remaining balance which…
Can a car be repossessed if the lenders name is not on the pink slip and it was sold to another party?
3 or 4 options.1. Pay it off completely after it is sold and the lender tells you "PAY US NOW".2. tell Lender you are financially embarrassed and will pay it in installments. (IF you would do that, you would pay them now and not get repoed)3. Pay the lender what you can IF they agree to it.4. Wait until the lender gets a judgment for the balance owed and garnishees your wages.Lucky #5. Declare Bankruptcy.
If your repossessed car is worth about 6000 and you owe approximately 25000 can your pay check be garnished for the balance after the car is sold?
You voluntarily surrendered your car it was sold at auction then you were notified it was still in your name and found abandoned in Texas do you have any rights to further money from sheriffs auction?
I assume that you owed money on the car, defaulted, and the car was repossessed by the lender. At the time of auction, the title should have been transferred. The title should have been transferred when the car was sold. The auction house didn't handle the paperwork properly and will have a real mess to straighten out. But that does not entitle you to profit from the sale.
If a car was repossessed eight years ago and sold and now they lender wants you to pay the difference is there a time limit in West Virginia?
Does the state of Missouri allow wage garnishment if a repossessed mobile home is sold for less than the contracted amount?
A repossessed vehicle is sold at auction to repay the lending institution. After the vehicle is sold, any money will be used first to pay the auction company, the repo agency and then all remaining funds will be applied toward the amount due on the loan. If anything is left over, you should get it. If there is a deficit, the bank will contact you to make arrangements for collection of the amount owed. You…
Answer It is definitely possible, because I had my car repoed and got it back (in California) years ago after bringing the payments current. Most states have enacted Article 9 of the Uniform Commercial Code. You have the right to redeem your vehicle by purchasing it back, although you probably will have to pay the amount owed and not just the payment. Even if you cannot get the vehicle back, many vehicles are illegally repossessed…
After a car has been repossessed from a title loan how much can you sell it for and can you get the balance owed?
What are you trying to ask? After your car has been repossessed, you can't sell it - the lender will. You will get nothing, unless by some unusual circumstance it is sold for more than the amount of the loan plus interest plus costs of repossession and sale. If that happened, you SHOULD get any additional amount, but more likely you will be expected to PAY whatever remains of those amounts after the sale price…
Can a car that a husband used as collateral to buy a van that was repossessed be seized by the lender if the car was awarded to the wife when the couple divorced?
You will have to take it up with the bank who repossessed the van. Since the car belongs to you, they should not be able to take it away from you. The laws may vary state-by-state. Talk to your divorce attorney to be sure you are protected. * Legally the vehicle could be seized if a deficiency remains after the repossessed van has been sold. This is possible because the transaction was made during the…
When you cosign can you send the car back and pay the depreciation value so it won't reflect badly on your credit?
A second lender (junior lienor) must be paid off if the property is being sold. A second lender (junior lienor) must be paid off if the property is being sold. A second lender (junior lienor) must be paid off if the property is being sold. A second lender (junior lienor) must be paid off if the property is being sold.