After sale of car, lenders options are get a judgement, garnishee wages, attach other property. Each is at the lenders option. try to work out a pyment with the lender that you can live with. lenders dont really want to spend any more money on your account than they have to, but do want to collect as much, as quick as possible. Good Luck
Yes they can
Chris, I dont know the answer to the question YET. I will find out today. Email me latyer on and Ill have it for you. What does the lender "say" they will do???
You have no choice.
No you don't still owe; once the motorcycle has been repossessed, it is no longer your concern. Whether the creditor sells it or fails to sell it is the creditor's problem, not yours.
They get resold as used cars to make some of the money back.
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.
They are impounded until further action is taken
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
It might get repossessed.
At an auto insurance auction you can buy cars at cheaper prices. Some of these cars have been recovered from theft, used as rental cars, or even donated to the auction.
Going to an Auctioneer such as Pickles is a place where there are many used vehicles. Some have been repossessed and some have damage from vehicle accidents and such. You can either attend the auction and bid or vehicles can be purchased at reasonable prices prior to auction day.
If you cannot produce a "clean title", you cannot sell or trade the vehicle.
The owner of a vehicle that has been repossessed, cannot afford to make their payments, so it makes sense that they cannot afford to perform the required scheduled maintenance on the vehicle. This is not always the case but IMO, I would never buy a repossessed vehicle, unless it had extremely low mileage of say less than 20,000 miles.
The biggest turn-off when buying Repossessed Car:As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the fact that Repossessed Cars were taken from their previous owners by the government, so they are basically used cars. Therefore, you must take all the steps necessary to find out about the history or the damages of the repossessed car yourself.Why you should still go for Repossessed Car:The easiest answer is: because it is very cheap. Normally, you can find one at as low as $200. Furthermore, even though repossessed cars have been used, they were taken away because their owners couldn't pay the bills, not because they were damaged or got into accidents. Thus, most of the times you will find very good repossessed cars that are perfectly normal and usable. Still, remember to check its history and VIN number! Also, remember to visit websites like www.vehicleshq.com to prepare your knowledge before going to a real repossessed car auction.
I have a welding machine on the truck they repossessed can they keep that?
Not only does Honda have insurance on the vehicle, so does the repossession company, the storage company, the transport company, and the aution agency.
It depends on the nature of the seizure. A repossessed vehicle has to be returned i it has not been auction to a 3d party. If money was seized by a tax agency, maybe.
I assume that you owed money on the car, defaulted, and the car was repossessed by the lender. At the time of auction, the title should have been transferred. The title should have been transferred when the car was sold. The auction house didn't handle the paperwork properly and will have a real mess to straighten out. But that does not entitle you to profit from the sale.
When a car has been repossessed the person paying the insurance should cancel it.
They take out the personal belongings. This includes the tags. Check with the repo company or lender for that stuff back.
I would think that an auction for cars that have been repossessed is a great place to find a cheap car. I would also look on Craigslist and Ebay too.
certainly NOT, IF you AND the bank agree that it is paid in full. It appears the bank doesnt agree with that part. Call a local attorney for state specific advice.
You get back whatever was left over from the auction after the lender pays the auction fees, lawyers fees, miscellaneous collection fees, and the outstanding balance of the loan.
You will most likely need to go to an auction to purchase any kind of equipment that has been repossessed in a foreclosure. There aren't really any direct sales without having to bid.
If your car has been respossessed, you no longer have the right to continue paying it off because they have lost faith in your ability to make payments. The bank has already paid about 500 to a tow truck driver to find and recapture the vehicle. However, you could buy it back at auction. See your bank for the auction date.