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.
It is still a loan. as long as you owe, interest accrues.
did you mean resource? The lender has authorization called lean to hold your property after a loan debt.
The lender would have the option of filing suit to recover monies that are still owed.
Talk to the lender, or you can file Chapter 13 Bankruptcy to lower the payments where you can afford them.
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.
The lender who holds the note on your car, is the one that repossessed your car.
no
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.
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!
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 the lender wont get it fixed asap. call a local attorney.
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.