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They will try to collect the balance themselves or sell it to a collection agency or seek a judgment thru the courts.

AnswerIt's called a deficiency. Google it and you can read more about the specifics and local laws that apply in your area. AnswerGenerally, they usually try and get you to come in and pay it off. If they can't, then they usually either proceed with legal action or charge it off. If they take legal action, you may lose and owe attn'y fees as well. In the end, if found responsible, you will have a judgment placed on you and they can garnish wages, tax refunds or any income you receive. A judge could also order you to sell other property to pay it off (in extreme cases). Bottom line, it's always just easier to pay off the loan.
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โˆ™ 2011-09-13 22:07:44
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Q: What can the lender do to you if the loan is not paid in full when the car is repossessed and sold and a balance is stll owed?
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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


You have one day before your car is repossessed is there any payment options?

Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no


Can your driver's license be suspended for not paying the balance of a loan after the vehicle was repossessed?

No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.


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.


Can you get sued for the balance of your car loan after the car is repossessed and sold?

Yes.


Where is the best place for a secured loan?

A secured loan is a loan where you will be required to use your property as security against the loan, so the lender is able to balance the risk of lending to you. The amount that can be borrowed differs from lender to lender and your individual circumstances.


In regulation U what is the meaning of carrying a loan?

The lender is "carrying" the loan on its Balance Sheet


Do have to pay the difference on a repo car?

Yes. If you take out a car loan, fail to make payments, and the car is repossessed, you will have to pay the difference between the price the lender received at auction and the balance remaining on your loan.Since repossessed cars are usually sold at wholesale auctions, the difference can be thousands of dollars.


Do you have to pay the difference on a repossession car loan?

Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.


How do you find out your car loan balance?

Contact your lender they will tell you.


Is it legal for the car to be repossessed and still require payments to be made?

Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.


Can a lender charge you interest in Illinois on the remaining balance of a car repossessed?

The lender can charge you interest on the LOAN, as long as it is not charged off. Once the loan is charged off, the account is essentially closed. It is at this point that they will begin legal proceedings and the big charges are added to the balance: court costs, legal fees, collections costs. And these do not stop mounting after the judgment is granted. It just keeps going.


Does the person quitclaimed to the deed responsible for the loan?

The person who signed the mortgage is responsible for the loan. They must notify the lender if they transfer ownership to someone else and the full balance will be due at the time of the transfer. If the mortgage isn't paid the lender will take the property.


What happen if you can not pay your car loan?

When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.


If your truck is repossessed can you still be sued?

When a vehicle is repossessed by the lender it is sold at a public auction for as near the fair market value as is possible. The amount the vehicle is sold for is deducted from the balance of the loan and the borrower is responsible for the repayment of that amount plus any interest and additional fees. If the borrower is unable to make a payment agreement with the lender, the lender does have the option of suing for the amount owed and legal costs. It isn't possible to give a definite answer on if the lender will or will not sue the borrower for the debt.


How do you find out if your car is going to be repossessed in Arizona?

If you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.


If you have a secured loan such as an auto loan can the finance company attach any other property?

If the vehicle is repossessed the borrower will be responsible for the deficiency between the sale of the vehicle and the balance of the loan. If an equitable payment agreement cannot be reached by the lender and borrower, the lender can file a lawsuit for monies owed and if successful execute the judgment against any non exempt property belonging to the debtor.


What is Missouri Law for paying off repossessed cars?

The laws for all US states are much the same. In MO. when a vehicle is repossessed by the lender due to a default in the terms of the contract the lender is required to sell the vehicle at public auction for the amount closests to its assessed value. If there is a discrepancy in the amount for which the vehicle is sold and the balance of the loan, the lender may pursue collection for that amount in the manner the law allows, which can include a lawsuit.


Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?

YES, read your contract.


If your car is repossessed in Illinois and the lender wants full payment can you file for bankruptcy within a certain amount of days so that your able to keep your car?

Bankruptcy does not prevent a vehicle from being repossessed. If the debtor/borrower wants to keep the vehicle they must reaffirm the loan with the lender. Furthermore, new bankruptcy laws require the borrower to repay the entire amount of the loan and applicable fees rather than the discrepancy between the loan and the amount recovered in the sale of the vehicle.


If car is repossessed do you have to pay the balance on the loan and if so how much?

Once they repo the car, the lender will sell the car for whatever it will bring. You will then be responsible for the difference in what the car brings and the balance on the note. You may even be responsible for repossession fees, and your credit will be ruined for 7 years.


If the car is reposessed do you have to pay off the balance of the loan or the late payments?

Yes, you contracted to borrow money. That money was loaned to you, it is gone. Now you have the principle and the interest. The vehicle that was repossessed only secured the loan. The lender did not want your car, but your failure to pay as promised left them no choice but to secure some sort of payment. Now you have what remains, plus costs and continuing interest. If you fail to pay now, you may have no choice in how the lender collects the full amount.


Do you still have to pay the difference in the Loan?

Yes, you are legally bound to pay the difference is what the lender sells the car for and the balance on the loan.


When can a car be repossessed in Texas?

In most instances when you get behind on your payments. The exact details of when the lender will repossess the vehicle is listed in the contract you signed when you took out the loan on the vehicle. Read your contract with the lender.


Can a car be repossessed over having liability coverage insurance instead of full coverage?

If the lender required full coverage (to protect their interests) as a condition of the loan and you drop it and replace it with a liability only policy, then you have breached the terms of the loan. The lender now has the right to declare the loan in default and demand immediate payment in full of principle and interest. Failure to pay as demanded then gives them the right to repossess the car and have it auctioned. If the auction does not get enough money they can sue you for the difference!

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