The truck was sold by the bank at auction, they then sent us a bill for $5,600.00!!!! This was the balnce of the loan apparently, **NO this is the balance due AFTER deducting what it sold for at auction.and they auctioned the truck for far below it's worth.**REALLY, how much is /was it worth? It was sold at WHOLESALE price. Not retail.We are now receiving harassing phone calls from the bank and their collections dept. ( I am shocked at the unprofessionalism of these calls!)
what can be done to alleviate all of this? PAY the amount due.We don't have $5600.00 to give them for a truck we don't even have?! You had it and didnt seem to want it but that's NOT the issue. The issue is that you/he agreed to pay X number of dollars for X number of months. YOu/he didnt pay that and now the lender is going to collect the money due. They will sue you, get a judgment, and collect. Good Luck.
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Related Questions
Can your car be repossessed if it was in an accident and nearly totaled?
If you weren't making your payments yes. It would only be repossessed if you weren't making your payments.
Car repo in ny?
A car can be repossessed in the state of New York if payments are late or defaulted. The only way to not get a repossessed is to make your payments on time.
Ways to cause your car to be repossessed?
The only way you can have your car repossessed would be to not make any payments. If you have taken out a loan and have not made payments, they will take your car away.
If you have made a payment arrangment can your car be repossessed?
Only if you have failed to make the agreed payments on time.
Can your car be repoed if you have full coverage and you licance is revoked?
You car can usually only be repossessed if you fail to make the payments to your finance company.
After the car is auctioned can you make payments for the remaining balance?
ONLY if the lender agrees to doing so. After all, you agreeded to make make payments on the car once before.
Can a car be repossessed because someone is borrowing it?
I wanted to add to my original question...Our car was repossessed by the finance company because they said they found out someone else was using the car because of car payments being sent from a different address. AND, they stated that they wanted to see the condition of the car. I thought a car would only be repossessed if you were late on payments? I have never heard of this, so I don't know what is going on.
Can a vehicle be repossessed because the payment is 15 days late after 4 years of payments and only 3000 dollars owed?
If you are in DEFAULT of the contract, the collateral can be repoed.
If you own two cars and are able to make payments on only one and are letting one get repossessed can the finance company for the repossessed car do anything toward the remaining car?
Possibly yes. They can resale your repossessed car dirt cheap and sue you for the difference in what you owed and what they got for it. Then they can sue you to collect that difference. If they win the suit they can have the sheriff pick up anything you own to sell at public auction to help pay that money they supposedly "lost". It's possible but not real likely. It depends on the mob that runs the finance Company
Can a car be repossessed AFTER chapter 13 filing in Missouri?
Yes. Only if there was a relief of stay issued for the vehicle or you signed a reaffirmation for the vehicle loan and didn't make the payments.
What is your recourse in Texas if you was paying for a car to an individual who was not making payments to his lienholder and the car was repossessed?
Do you have anything in writing??Cancelled checks???Your only recourse is to sue the individual who took your money.
Can you take possession of the car if the borrower stops making payments even though they have been paying for a year?
Only if your name is on the title, and only if the primary borrower defaults and the vehicle is subject to being repossessed by the lender.
Can a cosigner who is on the title of a leased car be sued for not paying any payments on the car when the primary leasee is paying off the loan?
First of all it would not be possible to be on the title of a leased vehicle, as the leasor retains ownership rights. A cosigner is only responsible for the debt if the primary borrower defaults on the lending agreement.
In California can a vehicle be repossessed if you only have 2 to 3 payments left on the loan?
Until you pay it off, yes. It is not yours until it is paid in full and the Lein Holder's name is off the title.
If you put new tires and rims on a car and it gets repossessed can you somehow get those tires back if you still have the factory tires and rims?
Only after making all of your back payments, otherwise your SOL...
If your husband passed away and had no will and his car was repossessed and was in his name only did you have any right to it?
The state that you reside in would decide that, but the only sure way you as a spouse would have any true right to the car is if your name was on the title/loan and if you continued to make the payments on time.
Are you allowed to pay the arrears after your car has been repossessed in the state of Texas?
Not only that, but you are expected to pay the arrears payments, too. The loan is still outstanding and the lender has every right to collect from the borrower what was promised (in writing) by them to pay.
Can your car get repossessed with only one payment due?
Yes. Always read your contract. The area under default will usually specify yourlien holders right to take possession. You can be repossessed for more reasons than just defaulting on your payments. Again check your contract. You can be repossessed for not keeping your lender updated with your full coverage insurance. If you are using the vehicle for illegal purposes or if you are not taking care of the vehicle- your lender can repossess the unit. Read your contract.
How many payments or amount behind do you have to be to get your car repossessed by Ford Motor Credit in Colorado?
legally, you only have to be behind one day. Usually a lender will try to work wityh you for 30-60 days to let you catch up. They dont want the car, they want the money. HEY GUYS TRY WWW.STOPTHEREPOMAN.COM TO KEEP FROM LETTING YOUR CAR BE REPOSSESSED
What are some benefits of a used car lease?
the most beneficial thing about a used car lease is that the person with the used car lease will avoid the depreciation in value of a new car. With a used car lease, your monthly payments will be lower and most of the time, your car will only be leased as long as the warranty, so there's no repair cost coming out of your pocket. Lower monthly payments, no down payments. Try http://motorshifter.com .
What are disadvantages of leased lines?
The only disadvantage of leased line is that it is costly. I thought that leased lines (PSDN) save setup and maintenance activities required when using leased lines. They also save cost b/c a company does not have to pay for the entire network; the company can pay just for the traffic that is sends. Also requires less management.
Should you keep insurance on a repossessed vehicle?
Only if you intend to get it back.
Can your utility trailer be repossessed with your equipment inside if you are current on your payments but you owe them a personal loan?
The only way that they can legally repo your trailor is if you default on that loan or if you listed the trailor as calateral for the personal loan! if you didnt put the trailor as calateral then no they cant touch it!
Can jewelery be repossesed?
jewelry can only be repossesed if it was used as collateral to back up a purchase or if it is being rented, leased, or financed by a banking institution. if it solely owned by you and already paid for in full, it will not be repossesed. In most cases, cars are most frequently repossesed, (because payments on the car loan or lease were not paid on time) and in some cases homes (mortgage payments late, missed, etc.) basically, make your payments, and make them on time regardless of the item.
What is Georgia law against hiding car from being repossessed?
The only way to hide a car in Georgia if facing being repossessed is by filing chapter 13. If you have filed for chapter 13 it is legally ok to hide your car from being repossessed.
