The lender sells the vehicle, sometimes at auction. They attempt to get whatever they can for it. Often the price the lender gets is less than the outstanding loan. If the lender gets less for the vehicle than the amount that is owed, the lender will seek the balance (the difference between what was owed and what they sold it for) from the borrower. So, lets say you bought a car for $1000. You quit making payments. You still owed $800 when the vehicle was repo'd. The lender sells the vehicle at auction and gets $500 for it. The lender will come after you for the remaining $300. That's pretty much how it works. Bottom line: make your payments. This is where aflac comes in handy.
READ your lease contract. It should specify the results of repossession.
If there is evidence of fraud, the person hiding the vehicle can be prosecuted and possibly even put in prison.
A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
if i get my car repossessed, can they put a llien on the house?
by paying the bill or rebuy it at an aucton
it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.
Technically (and leagally) yes.
Yes, it can.
Yes it can.
Obvious answer, Yes.
You loose your car...
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
WE'RE ON OUR WAY!!!!!
No. Absolutely not. If they enter a vehicle they do not have an order of repossession on, they've committed a crime. They may enter the vehicle they are there to repossess, and only the vehicle they are there to repossess.
Usually, they do not have to tell you what they are about to do to your vehicle. But, the procedure is is that they will sell your vehicle in an auction.
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
a lender can do as he/she pleases with the vehicle after 31 days...in the state of Alabama
They have no liability for a vehicle repossessed lawfully from their property.