The bank the ATV was financed through will sell the ATV at auction. Normally auctions will bring in half of what the item is worth. Whatever money was made at the auction will be paid toward the loan on the ATV. The debtor will be responsible for paying the remaining balance on the loan. If the debtor cannot pay the remainder of the loan, then the bank can file a legal judgment to garnish the debtor's wages. There's no getting out of it unless the debtor files bankruptcy.
no, they will sue you for the balance owed after the sale
The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.
Keep paying or trade and finance that amount onto your next car
WHAT "GAP" does it cover?? The gap between your down payment and what the car is worth or the amount you lack to be current with the payments? Read your "GAP" ins. contract to be sure of the coverage. I've never heard of it covering a repo.
Pay off the lien is the simplest way. That can be done by selling the vehicle. Hopefully it is worth more than the loan amount, so the estate will have additional assets.
In many states, yes. But you usually have to own it or have a lot of equity to make it worth while.
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
Alot of repo guys do drive the repoed vehícles, But be assured If they drive Your reposessed car that Most compañys have a million dollars worth of coverage..to clarify once a car is repossessed it is no longer "your" car.
It would go to a car auction and sold on to a new owner and may be sold for a price much less than it is worth
she is worth 20 000 000 000 000
They are worth the amount of .25 cents.
Kelly Clarkson is from Fort Worth, Texas, USA.
Net worth is the remaining amount after clearing all assets and liabilities and then net worth is that amount business is liable to return back to it's owner.
They can be worth from 5$ to a big selective amount of prices
not much, basically your hands are tied. when you pruchased the vehicle and signed a contract it was probably stated in there that if the vehicle is repossessed it will be sold at auction and the balance/credit of the debt is the responsibility of the purchaser
Define "worth." If someone paid an amount of money for an object, it was worth it to that person.
It is worth the same amount of a milk carton.
$150.00 to $1,110.00 is the amount of money in which a penny from 1811 is worth.
it depends how old the card is and what year it is to know how much it's worth maybe when he dies it would be worth alot or if it was autographed by him originally
Having a car or other item repossessed does not mean anyone has to file for bankruptcy. Bankruptcy is to protect you from creditors and should be sought if you owe more than your net worth and have no reasonable prospect of being able to pay what you owe.
If it happens to be Midas-22, it's worth quite a chunk of change.
Its not worth worrying about anything until it happens.
its not worth anything?