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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?
Wiki User
∙ 12y ago
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.Wiki User
∙ 12y ago
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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
Can you get sued for the balance of your car loan after the car is repossessed and sold?
Yes.
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.
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.
Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
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.
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.
In regulation U what is the meaning of carrying a loan?
The lender is "carrying" the loan on its Balance Sheet
How do you find out your car loan balance?
Contact your lender they will tell you.
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.
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.
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.
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.
