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What can a lender do in the state of Texas if my vehicle was repossed and sold and now they want me to pay the balance and I can't afford to?
Wiki User
∙ 14y ago
They can sue you and garnish your wages, your bank accounts, your state tax return, and the court could order you to liquidate real property to satisfy the judgment.
Wiki User
∙ 14y ago
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Can a lender charge you interest in Michigan on the remaining balance of a car repossed?
It is still a loan. as long as you owe, interest accrues.
What recourse does lender have after a repossed vehicle is sold and there is still not enough money to satisfy loan?
did you mean resource? The lender has authorization called lean to hold your property after a loan debt.
What might happen if you voluntarily relinquish your car to the lender and cannot afford to pay the difference in the loan balance after the vehicle is sold?
The lender would have the option of filing suit to recover monies that are still owed.
You are financing a vehicle but you can no longer afford payments what can you do?
Talk to the lender, or you can file Chapter 13 Bankruptcy to lower the payments where you can afford them.
What happens to payments made after a car is repossed?
Payments made after a car is repossessed will no longer be returned to the debtor. In fact, the lender can still require the debtor to pay the remaining balance of the loan.
How do you find out who repossed your car?
The lender who holds the note on your car, is the one that repossessed your car.
My car was repossessed and now they want me to pay for the remaining balance on the loan and I can not afford it. What can the lender do legally to get payments in the state of Pennsylvania?
no
If you are two months behind on a payment can your car be repossed?
First off it is not your car. The car belongs to the lender until you pay for it. Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
When can a car be legally repossed?
After 60 days on non-payment. I always reccommend to do return the vehicle to the lender yourself. It looks better on your credit as a self repossesion. Then once the vehicle is auctioned off and sold, you will be left with a remaining balance. Save at least .10 cents on the dollar or 30% of the balance in a savings account. Once this is saved, call the creditor/lender and negotiate a settlement. Get the agreed amount in writing that same day before making your final payment. Then request another letter stating the account is now paid in full - instead of settled for less. Good luck!
What happens when you can't pay the remaining balance of a voluntary return?
The lender will sell the vehicle and you are responsible for the deficency. They will sue you for the balance left on the loan after the sale of the vehicle. The court will order you to pay and they can garnishee your wages.
If you paid the remaining balance and recovered your vehicle but the repo man busted the steering column can you get the lender to cover the repair?
IF the lender wont get it fixed asap. call a local attorney.
If a vehicle was surrendered in bankruptcy but the lender will not pick it up can the lender be removed from the title?
The lender is not required to take possession of the vehicle and can let the lien stand until the debt is paid. In addition, the lender can sue the borrower/debtor for the entire balance of the loan plus applicable legal fees, etc. rather than go through the reposssession and selling of the vehicle. As long as the lender is a lien holder the vehicle cannot be traded, sold nor transferred to another party.
