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the BALANCE DUE at time of repo PLUS repo fees and fees to come later.

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โˆ™ 2004-11-26 16:52:22
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Q: What amount will show up on your credit report when a vehicle is repossessed the original cost of car or the balancing remaining?
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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.


How much does a repossessed vehicle sale at action?

Truthfully a repossessed vehicle sells for what the bank is trying to get out of it and that is usually what is owed on the original loan and sometimes they will accept less for a number of reasons just to get rid of it and that would be damage to the vehicle, age and mileage.


Can a disabled person's vehicle be repossessed in Florida?

A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.


Can a writ of replevin be used to take a vehicle from a mechanic holding it for repairs?

Yes and no. A writ of replevin is a court order to surrender a vehicle. Anyone who interferes with such can be arrested and held in contempt of court. This includes you, or any third party in possession of the vehicle. The mechanic's lien is a matter between you and the mechanic. If the repossessed vehicle is sold, and the proceeds exceed the amount of the original remaining loan balance, then any remaining money from the sale must be paid to the mechanic to satisfy his lien.


Is a creditor allowed to continue calling debtor after a vehicle has been repossessed but not sold?

Yes. Even after the vehicle is sold, you'll still owe them the remaining balance of what you borrowed, and they'll continue to call.


Can your vehicle be repossessed if you are awaiting to be paid by the federal government?

It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.


What are you liable for when your car gets repossessed?

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.


Is it legal for the buyer to be charged the full price of their repossessed vehicle?

When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.


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.


If your car is repossessed do you still have to pay for it?

The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.


What happens if a repossessed vehicle is from a deceased person?

Cannot imagine that the process would be different than if the person was alive. The estate would be responsible for remaining loan amounts.


Can you get your vehicle possession after your vehicle was repossessed?

by paying the bill or rebuy it at an aucton


Can a lender continue reporting late payment when th vehicle is already possessed and sold?

Yes. When a vehicle is repossessed, the lienholder has to try reclaiming what they can of the loan that was made for the vehicle. A repossessed vehicle typically gets sold at wholesale auctions, and the amount paid for it is typically substantially lower amount than what's owed on the lien. You as the lessee are still liable for the remaining balance owed on the vehicle, plus the fees for repossession, storage of the vehicle, auction fees, etc.


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.


Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?

it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.


Do you have to pay the whole vehicle off if it is repossessed?

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.


What do I do with a car that was voluntarily repossessed and the finance company won't come and get it?

While most creditors will allow you to have your vehicle voluntarily repossessed, some lenders will not accept them. Your best resolution in this case is to contact the finance company and determine why they will not collect the vehicle. Ensure that they are indeed accepting the voluntary repossession. You will still be required to pay the remaining balance unless you are told otherwise.


How can you find original contract information on a repossessed lease vehicle in Texas that has been re-leased to a different party?

One could contact CARFAX.


In Texas can a car be repossessed if it is blocked by another vehicle?

no!


What hours can a vehicle be repossessed in CT?

24/7


Can you trade in a vehicle that is about to be repossessed?

Technically (and leagally) yes.


Do you have a right to have a repossession letter before my vehicle is repossessed?

no


Can a vehicle be repossessed across state lines?

Yes it can.


Can your vehicle be repossessed for late payments?

Obvious answer, Yes.


Can a repossessed vehicle be moved to a different county?

Yes, it can.