You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
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.
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.
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.
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.
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be 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.
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.
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.
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.
Cannot imagine that the process would be different than if the person was alive. The estate would be responsible for remaining loan amounts.
by paying the bill or rebuy it at an aucton
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.
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.
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.
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.
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.
One could contact CARFAX.
Technically (and leagally) yes.
Yes it can.
Obvious answer, Yes.
Yes, it can.