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They repo your car on which you owed 26000 and sold it for 10000 do you have to pay the difference?
Wiki User
∙ 14y ago
yes you have to pay the difference or you could file for bankruptcy, with a repo involved it sounds like your having money problems so that could be a way out of it a chapter 13 would allow you to be free and clear from the debt of property repoed or from an extra payment you could do without. trust me chapter 13 saved me from loosing my house when i lost two vehicles and stoped the wage garnishments for what i was left to pay on my repoed vehicles. hope this helps.
Wiki User
∙ 14y ago
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How much can a repo man make on a 18 wheeler?
depends on what is owed on the truck problay around 5000 10000 dollars usd
Can your paycheck be garnished from a repossessed vehicle?
Yes. If the car's value at repo was under what you owed they can get the difference, court costs and interest.
Do you have to repay the debt after reposession?
Depends. Usually the item is sold and the balance owed will be paid by the proceeds of that sale. You may also have monies coming to you. Example. you buy car for 25000 you paid 15000 (at time of repo) still owed 10000 Sale of vehicle was 8000 you still owe 2000 or Sale of vehicle was 11000 THEY owe YOU 1000 Hope this helps....
Truck was reposed years ago now they want the money including fees and etc?
Of course they do. They want repo fees plus the difference in what your vehicle sold for and the balance owed on the loan. Just pay up and move on.
Is your home exempt for collection in a car repo?
NO, THEY CAN PUT A LIEN ON YOUR HOME OR GARNISH WAGES IF YOU DO NOT PAY THE BALANCE OWED.
Is a lender still interested in a vehicle that is down to the last 6 payments after paying on it for 5 yrs?
Look at it from the lenders viewpoint. They can repo a car with 1500.00 owed that might sell for 2500.00 from you. OR, they can repo a car from Joe Doe with 35000.00 owed that might sell for 23000.00. Which would you repo first? The one you lose money(Joe Doe) on oe the one you break even on (you)??
Do you have a right to know what your vehicle was sold for after repossession?
by law in the state of Texas,a repo cannot sell for anymore than what is owed.The finance company has to tell you what the ballance on it is after it sells,add around $600 for legal fees to what was owed before the repossesion and subtract the ballance owed now which gives you what the repo sold for
Can your lender place liens or judgments on your credit for the balance owed if you do a voluntary repo?
IF they follow the laws of your state, YES. A repo is a repo is a repo. they may also be able(and more likely if you have a job)to garnish your wages. NEGOTIATE with them, they would much rather have money than the car. TRY to sell the car. Good Luck
What is the difference between voluntary repossession and regular repossession and the pros and cons with it?
Neither are good. Call the lender and work something out. a repo is a repo by any standard ,they will sell the unit and go after you for the deficiency no matter what.it will be on your credit as a repo. You will not have to pay the towing and fees associated with the repo. That is the only difference.
Does a repo man hurt your car It was a front wheel drive and he pulled it alond ways down the road?
No, a repo company won't hurt your car. All they will do is take it until you make the necessary payment that is owed.
In North Carolina can a repo man repo your car from a repair shop with a bill that is still owed?
Yes. A repossession agent can secure the vehicle anywhere he finds it with some limitations, provided he has a valid order for repossession.
Are you still going to have to pay the balance if they repossess your car?
You will pay the difference in what they sell the car for and the balance that is owed on the note. You may also pay the repo fees. Your credit will be ruined for 7 years. Contact the lender ASAP and work this out. They do not want to repo your car and I am sure you do not want to loose it. Actually they have to sue you first to garnish your wages but why let the facts get in the way.
