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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.
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Is family liable for payment on a repossessed car?
Whoever's name is signed on the loan paperwork is the one liable.
If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?
Yes. If you default on your car loan you will remain liable for the debt.
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
What to do if your car gets repossessed in SC?
walk
Can a transfer of responsibility be made after car is repossessed?
No. Your car gets repossessed, it's on you. You don't get to pass that on to someone else.
If your wife bought a car before your marriage and now it is repossessed are you liable?
If it isn't in your name it shouldn't be.
Can you retrieve personal belongings from a repo car?
Yes you can retrieve personal belongings from your car if it gets repossessed. By law you are allowed 7 days after your car gets repossessed to retrieve your personal belongings.
What happens if a car is repossessed?
Unless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.
Your car was repossessed after being six months behind and then you get a call from the car dealer after two years trying to repossess the car are you still liable?
If the dealer calls you after the car has been repossessed, then you should inform them that you no longer have the car. They can contact the finance company to verify the information.
Can you still owe money on a car that was repossessed and resold to another buyer?
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
Can a car dealer in Iowa still make you pay part of loan after a car has been repossessed?
Yes. When a vehicle is repossessed, it gets sold again. The amount received from the sale is deducted from the balance owed (which will now be augmented by repossession fees, storage fees, service fees, etc), and you will still be liable for that amount of money.
How much would it hurt your credit if the car you co-signed for gets repossessed?
Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.
