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What happens if you cannot pay the off the car loan once it has been repossessed and sold at auction?
Wiki User
∙ 19y ago
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
Wiki User
∙ 19y ago
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What has to happen before a creditor can have your care repossessed?
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.
What do you do once your car has been repossessed?
I have a welding machine on the truck they repossessed can they keep that?
Can you get your car back after it has been repossessed from the title loan company after I file bankruptcy?
Only if the car has not been sold, at auction usually. Some states require notice of the repossession and intended sale date. Consult a local bankruptcy attorney if you have filed pro se or pro per (without a lawyer), or your state Attorney General's office.
What is auction block?
The auction block has been used for slavery it is when they (slave sellers) would take a few slaves at a time and let the men auction on these africans.
Do most finance company allow you to pay the late payments and then continue with the agreed contract if the vehile was repossessed?
If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction. Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.
Can your wages be garnisheed in the state of Nc 2 years after the truck has been repossessed and sold at auction?
Yes they can
What happens in Texas if you voluntarily have your car repossessed and money is still owed after the car has been sold at an auction?
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???
If the creditors repossessed a motorcycle and then DID NOT sell it at an auction do you still owe?
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.
If your car has been repossessed and you cannot pay what you owe should you let them sell it?
You have no choice.
What happens to cars after they have been repossessed?
They get resold as used cars to make some of the money back.
What happens to cars that have been repossessed but not auctioned off yet?
They are impounded until further action is taken
Do you have to pay the whole vehicle off if it is repossessed?
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.
What has to happen before a creditor can have your care repossessed?
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.
In California what happens if a vehicle has been charged off and it has been over a year and you still have it but there has been no contact or correspondence from the bank regarding a repossession?
It might get repossessed.
What is the catch in buying repossessed cars?
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.
Do they sell salvaged cars over there?
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.
What happens at an auto insurance auction?
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.
