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What are the consequences of letting a company repossess an auto when you are in over your head?
Wiki User
∙ 14y ago
It would be in your best interest to try and negotiate something with your creditor. What will probably happen if they repossess your vehicle is that they will auction it off to the best bidder in an attempt to recover what you owe on the car. If the best bid does not cover the debt you owe, they will come after you for the balance. So you will be stuck paying the balance on a car that you don't even have anymore.
Wiki User
∙ 14y ago
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Can auto repossession be negotiated?
The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.
Who is the biggest auto company company?
As of now, Toyota is the biggest auto company.
Can the financial institution holding your car loan sue you for fraud for not allowing them to repossess your car?
Not Fraud, but Grand Theft Auto. The car is the property of the Finance Company, until the loan has been paid off. Then, and only then is the title to the car passed to you.
When was Union Auto Company created?
Union Auto Company was created in 1917.
How long after non payment is lender able to repossess auto in the state of fl?
One day past the grace period is permissible.
How do you start an auto insurance company in Texas?
How do I start an auto insurance company in Texas?
When was Safe Auto Insurance Company created?
Safe Auto Insurance Company was created in 1993.
When was Old Fellwock Auto Company created?
Old Fellwock Auto Company was created in 1923.
When did Detroit Auto Vehicle Company end?
Detroit Auto Vehicle Company ended in 1907.
When was Detroit Auto Vehicle Company created?
Detroit Auto Vehicle Company was created in 1904.
What auto insurance company has the code number 962?
What auto insurance company has the codenumber 962?
Can they take income tax check if get repossession in Arizona?
They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.
