What do you do if your vehicle was repossessed if you were the co-borrower and the other borrower has filed Chapter 7?
Can your vehicle be repossessed after you file Chapter 7 bankruptcy?
Does the co-borrower have any legal options to recoup losses against the other co-borrower when they default and they have to sell the car?
Can you take possession of the car if the borrower stops making payments even though they have been paying for a year?
Asked in Repossession, Insurance
Can a vehicle be repossessed by the lien holder for not having insurance in the State of Maine?
How much time must the lender allow the borrower before a vehicle is repossessed?
I believe if you haven't paid in three months they can repossess your vehicle in Utah. *The state does not require a Right To Cure notice be sent to the borrower. The lender may recover the vehicle whenever the contract is in default. UCC laws apply, and the vehicle can be recovered by any means that does not constitute a breach of peace. The plates remain with the borrower/debtor.
Asked in Cars & Vehicles, Repossession
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.
Can you get your car back if you file a chapter 7 bankruptcy before it is auctioned off?
What date is used in cancellation of debt the last payment or when the vehicle was given back?
Asked in Cars & Vehicles
Can a disabled person's vehicle be repossessed in Florida?
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.
Asked in Auto Loans and Financing, Repossession, Liens
Can a car be repossessed AFTER chapter 13 filing in Missouri?
Asked in Debt and Bankruptcy, Bankruptcy Law
Do you get your vehicle back from repossesion after filing chapter 7?
Is it legal for the buyer to be charged the full price of their repossessed vehicle?
When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.
Asked in Loans, Co-signing, Money Management
Who is held responsible for the loan on a repossessed vehicle?
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults. The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults. The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults. The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
What are your rights if you are a primary borrower of a vehicle and the seconday borrower is not paying the loan?
Asked in Repossession
What happens if your vehicle is repossessed for Florida residents?
The vehicle will be taken to a storage lot, or sent directly to auction. The borrower will be notified by mail of the lenders intent to sell the vehicle either by an Order of Repossession or a Notive of intent. The vehicle will either be sold at auction or redeemed by the borrower. If sold at auction, the purchase amount will be applied to the loan debt. If the purchase price exceeds the debt plus all repo fees, the remaining amount will be refunded to the borrower. If the purchase amount is less than the loan debt (the more common scenario), the borrower will be required to pay the remaining amount of the debt.
Asked in Auto Loans and Financing, Repossession, Loans
Can you be sued by a finance company once you have defaulted on a car loan?
Which sort of bankruptcy should one use to retrieve a vehicle in Florida that was repossessed yesterday?
A vehicle is a secured debt, therefore bankruptcy action would not reverse the repossession. Bankruptcy only places a temporary halt to repossession or foreclosure of secured property. The only option available to the borrower to recover a repossessed vehicle is to reaffirm the lending agreement or make some other type of settlement with the lender.
Asked in Repossession
Can your vehicle be repossessed if you are awaiting to be paid by the federal government?
Can a vehicle be repossessed if the borrower does not make a good faith payment to the lender?
Asked in Debt and Bankruptcy, Bankruptcy Law
What should a person do if their Chapter 7 Bankruptcy has been discharged but a vehicle that was to be surrendered has not been repossessed by the bank?
What happens when there is a voluntary repossession of a vehicle and you cannot pay the remaining 13237 debt because you are unemployed and looking for a job?
The borrower is responsible for any deficiency in the balance of the loan and applicable fees that remain after the sale of the repossessed vehicle. If the borrower cannot reach an equitable repayment agreement with the lender, the lender may decide to file a lawsuit against the debtor to recover the monies owed.
Asked in Auto Loans and Financing, Personal Finance, Loans, Small Business Loans, Money Management, SBA-Secured Loans
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.