READ YOUR CONTRACT. In very few circumstances will you NOT be responsible for the balance due after the collateral has been sold. Very few, in most cases you will pay the difference between what the car sells for and the balance due. If you file bankruptcy you are NOT responsible for one dime and the lender can make no attempts to collect once the debt has been discharged.
You have the right to pay for the car. You have the right to pay the repo fees. You have the right to being sued.
That depends on if the lender uptained a judgment againt you. They would have sought a judgment if the value of the car exceeded the balance of the loan at the time it was reposesed. Some peole are stupid enough to intentionally make their car worthless if it's going to be reposesed. The differanc between the value of the auto and the loan is what the lender will go after.
Please be specific on what type of collateral is being reposesed? car? house? equipment? ussualy if you miss 4 monthly payments it will be reposesed. But you can work it out with your lender.
if i let my vehicle get reposesed will it hurt my credit?
yes they can and they do , they actually sell these cars in an auction if they are never picked up. they only state the car has a lien before the car is sold... people that usually buy these cars get them reposesed by the banks. so is a waste of money, to buy any of these vehicles...
The second is just a lien. It will have to be satisfied at the time of sale to clear title & should be when it is.
Yes, you have all the rights listed on the contract when buying a used car.
No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.
The law regarding impound car repossession varies by state. Generally, a lender can repossess a vehicle if the borrower is in default on their loan agreement. It's important for borrowers to review the terms of their loan agreement and understand their rights prior to facing a repossession.
Yes you do. They repossess the car and then sell the car. You are responsible for the difference in what the car sells for and what you owe on the car. You will also pay any fees associated with the repossession. Let's say you owe $10,000 on the car and the sell the car for $8,000. You will then owe $2,000 plus repossession fees that can fund into as much as $500 or more depending on how much effort is required to find and repossess the car.
The person who the car is registered with. You are paying for a car you don't own.
none
Yes. If your name is on the title you are considered owner of that car.