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What happens if an ATV is repossessed and it is not worth the same amount you originally paid?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
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When a car is repossessed does the finance company have to sell it for the amount it is worth?
no, they will sue you for the balance owed after the sale
If you owe more than the car is worth what happens if it gets repossessed?
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.
What happens if you owe less than the car is worth?
Keep paying or trade and finance that amount onto your next car
Will gap insurance help if your car is repossessed in Arizona?
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.
How do you sell a car of a deceased person that has a lien on it is it best for the children of the deceased to let the car be repossessed?
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.
What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
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.
Can a repo guy drive your vehicle to his appointments after he's repossessed it?
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.
Can a motorcycle that has been taken apart be repossessed?
The company who repossessed the car now has the collateral to make up for the amount of the balance of the loan owed to them. If there is more owed on the loan than the car is worth, it is possible to be sued for the deficiency. If a judgment is entered after this occurs, and that amount is not paid or settled voluntarily, the lender could seek to garnish a bank account or a person's wages or file a lien against real property. If the motorcycle has a loan on it, it is already encumbered and not subject to a separate lien.
Who owns the car after it is repossessed?
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
How is 'net worth' a liability?
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.
In NC what can be done if lender refuses to negotiate bal due on repossessed auto if they want 20000 for auto worth 10000?
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
What amount is Beyonce worth?
she is worth 20 000 000 000 000
