Voluntarily had a car re-poed and am paying the balance can the main buyer be taken to court to pay back the payment?
no, if you were the current owner of the car or the one making payments it is your responsibility to pay the balance
If you aren't paying for that car's payments then yes. The only reason why your car should be repoed it because the payments aren't being made on it. It doesnt matter if your car is from the 1940's or if you brought the car last month, the car can be repoed if you dont pay the payment for 2 or more months (consult dealership for it's repo rules).
If you have a 2003 van which is not conducive for a disabled senior can you have it voluntarily repossessed?
If someone has to have a car voluntarily repossessed would the car payment be the same or can it be reduced?
That needs to be discussed with the LENDER before you let it get repoed. Better yet, discuss while you are current on the payments. If you're in a temp shortage, they might work with you on getting around it. If its NOT temp, they will likely want all the money due at one time. TALK to the LENDER about it. Good Luck
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…
What should you do if you recently caught up on your payments to the bank and are ahead now by 1 payment but the bank has not yet called off the repossession?
What happens to your credit if you pay all your bills on time except your car payment and your car gets repossessed?
Yes. You signed a contract for a loan amount. That is the principle. The car only secured the loan. The loan is the only real value to the lender. They do not want the car. They only take the car to resell it to apply that payment to the loan. Any outstanding balance plus accured fees are yours to pay.
When a car gets repoed and sold at an auction for less than its value can the leading company put a lien on your credit report for the balance?
If your vehicle was repoed 3 years ago and you have been paying the deficiency balance how long will you have a low credit rating?
Hang in there. Dont give up. You are probably a one in 100000 case. You are doing it the right but hard way.Avoid the B/K if theres any way possible. You've made 3 yrs, dont waste all that hard work.It will get better. Someone (lender) will see that you are paying on the balance and RESPECT that enough to cut you some slack. Your credit rating (or score) depends on All the information contained in…
If you voluntarily repoed your car and almost 2 years later the bank is trying to get you to pay the remainder of the balance how long is the statute in Texas for such a debt attempt?
There is no statute of limitations on debt. You are responsible for the difference of what the car sold for at auction. You should get the advice of a lawyer just to be sure of your rights, there may be loop holes that the common citizen doesn't know. A lawyer typically charges a small fee for advice, some will give you a free consultation.
You may only owe one payment, and if it's late, they can legally reposess your car. I would expect they would give you ample opportunity to catch up on your payment first. Once your car is repoed, they sell it, generally at auction. The money they make is theirs. You could check your own state laws, but generally there is nothing at all that precludes them from selling the car for more than you owe…
If your van was repoed because you couldn't afford to pay it and the finance company wants you to pay more than what you were paying and say you owe more than was financed can you dispute it?
You broke the original agreement and the company is not required to keep the ongoing agreement the same. By not paying, you increased your risk rating and so the cost to you rose. The increased payment probably represents a finance increase and costs of repossession. Probably the best thing to do is to let the van go, pay up and obtain a car you can afford at this time.
actually you do not have to get it repoed at all you simply have to make every payment on time. If you are not going to make your payments on time or just simply dont want to deal with the whole hassel of getting it repossessed then you should make arrangements with your bank or finance company to voluntarily give it back. You would benefit from this in many ways. If you just give it…
If you called the creditor and arranged payment for late car note and he agreed to the arrangements but repoed your car isn't that somehow wrong?
How easy would it be to work out a payment plan with the creditors if you just voluntarily gave back your car and could you pay 50 a month if you owe 8000?
NOT EASY!!! THEY DON'T CARE!!! IT'S STILL A REPOSESSION NO MATTER WHAT!!! VONUNTARY IT IS BY YOU BUT TO OTHER CREDITORS, IT JUST DOESN'T MATTER AT ALL. WHEN THEY LOOK AT YOUR CREDIT REPORT, THEY WILL ASSUME IT WAS REPOED AND YOUR CREDIT RATING IS SHOT TO HELL.... TRY TO SELL THE CAR. HIDE IT, UNTIL YOU CAN SELL IT AND PAY THE LOAN OFF. REFINACE IT IF YOU CAN, ASAP......
No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment. No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't…
When a car is repoed and i get a letter where it is at do they have to notify me if they take it somewhere else?
Can your cosigner repo your car if you are behind on your payment but not in trouble with the financial institution?
You missed one and a half payments but you sent half of one full payment can your car still get repoed?
Can a lienholder put a repo on your credit if the car has been totaled and instead of filing a claim you wish to keep the car and keep paying on it?
If the lender has obtained a judgment against you, and garnishment has begun, yes. The lender will continue to garnish your wages until the balance of the debt is paid. This could include the remaining balance after the vehicle was sold at auction and all costs, interest, and penalties incurred by the repossession.
If you could not make one month's payment but postdated a payment on their website can they still repossess your car?
If you are in DEFAULT of the contract, they can repo your ride. Whether they do or not, depends on the lender. Usually folks who are in contact with the lender, make some kind of effort to pay(like you did), get the most consideration before getting repoed. I know times may be rough, but do the best you can and do what you say you will do.
If you do not pay the down payment to the dealership within the agreed upon 30 days can they repossess your car?
If you owe 16K on a car worth 8K and don't have the money to pay the balance to the lender what should you do?
If it hasn't been repoed yet, try to sell it yourself. You should get MORE than the lender will if they sell it. You will HAVE to do this with the lenders agreement. By all means, stay in contact with the lender and BE HONEST with YOURSELF and the lender. You are in a credit mess that will be hard to get out of. Is this a short term problem or a long term problem…
After a very recent repossession when you are applying to get another car should you tell them about the repossession if it hasn't shown up on your record yet?
Depends on whom you are applying to. Tote-a-note lots uaually don't care as long as you have a down payment. Banks will find out asap, anyway. You see, the lender who repoed will show that you have been in default for 30-??? days and when they check, bingo. Oh, Joe Blow, yeah, we had to repo his car 2 days ago. good Luck You'll need to answer the application honestly and, perhaps have a good…
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…