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What happens after a voluntary repo and the vehicle has been sold at auction and money is still owed in TX?
Wiki User
∙ 18y ago
They will try and get the balance from you either through the courts or thru negotiations with you.
Wiki User
∙ 18y ago
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If you had the vehicle repossessed and it is listed as a charge off can they now sue you for the balance?
Yes. What happens is that they auction the vehicle. They can auction a vehicle 10 days after they repossess it, not before. They take that money, apply it to the loan. Whatever balance is left is what you are responsible for. One thing you can question, is what the vehicle is auctioned for. They have to make every reasonable effort to sell it for book, they just can't sell it for $10 if it is a $10K vehicle, if you know what I mean. There are guidelines that they have to adhere to.
In Indiana if a car is reposessed and you only owe a few payments and the vehicle is sold at an auction do you get any of that money back?
lol no
Compulsory and voluntary deductions?
Compulsory deductions are taken from your check whether you agree or not, such as happens with taxes. Voluntary deductions are those you ask for, such as money to be deducted and placed into your retirement savings account.
If you voluntarily turn in your car will it effect your credit?
YES! When you finance a car loan, you are NOT buying a car. You are BORROWING MONEY "secured" by an automobile. If anything happens to that vehicle, wreck, getting stolen or repossession (whether voluntary or involuntary); You are still liable for the amount of money you financed. This is why banks and other auto financers make you keep the vehicle insured during the term of the loan. The financer may auction the car for a portion of the remaining balance. If that is done, you are still liable the deficiency balance (whatever is leftover of the original loan). It will show as a "charge off, repossession" on your credit for seven years from the date of last activity.
What happens if you leave the Church of Scientology?
You have to leave everything behind. Moreover if you are a celebrity you have to pay A LOT of money to the church as a 'voluntary' donation.
What will happen after you voluntary surrender your vehicle?
The bank will contract out with a towing company/recovery company and will tow the vehicle to an auction yard. The vehicle will usually be sold at a private auto auction where there are auto dealers there that purchase repossessed vehicles. The person who pays the most, wins the vehicle. Within 30 days after the auction, you will receive a letter from the bank that will tell you how much the vehicle sold for and how much the deficiency balance remains. Then the collection activity begins. They will constantly call you and ask when they will get their money. Sometimes they will work out a monthly payment with you, and sometimes they won't. If you don' t have the several thousand dollars laying around, then usually you will have no other choice but to file bankruptcy. They could sue you and get a judgment against you. Then they could garnish your wages, take your checking account, put a lien on your house, etc.
A vehicle with a Blue Book value of 25000 is traded in for vehicle that costs 20000 what happens to the 5000 difference?
You will not be given the money and will lose it.
What happens to your credit if you give your house back to the bank?
The bank will put up the house for auction and recover the money loaned to you. Residual balance of the liability, if any, standing against your name post auction will be returned to you.
Where can I make the most money selling a used automobile?
You will make the most money selling a used vehicle in a private sale, likely one that carries no fees. Alternatively, you can try to sell your car at an auction.
What happens if you sell a vehicle that you used as collateral?
some one will come looking for you for money or blood
What happens if you don't repair the car with the insurance reimbursement?
Nothing, you have extra money and a broken vehicle.
Who retains ownership of a vehicle that was repossessed when the borrower has his wages garnished for money still owed?
The lender owns the vehicle and is required to sell it at a public auction for as close to the market value as is possible. It is likely the judgment wage garnishment is a result of money still owed on the original loan amount plus fees that were not covered in the sale of the vehicle.
