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What happens if you do not pay the remaining balance after a repossession?
Wiki User
∙ 18y ago
You can be sued for the amount owed. Pursuant to that, you could have your wages garnished or be arrested for contempt if a judgment is placed against you and you refuse to pay.
Wiki User
∙ 18y ago
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Do you have to pay the balance owed after self repossession?
You pay what is owed after the creditor sells the car for. So if you owed 10,000 and the creditor sells it for 8000 at an auction, then you would owe the remaining balance.
If you have a car repoed in South Carolina do you have to pay the remaining balance of the loan?
Yes. Additionally, you will be responsible for any late fees, repossession fees, storage fees, transportation fees, and legal fees and court cost incurred during the repossession process.
Can you get a repossession off your credit if you pay the past due amount immediatley?
Actually, it doesn't just come off your record. It will show as a repossession, but it will show as no balance due.
Can you go to jail if you can't afford to pay the balance owed on a repossession and have no real property?
NO, there are no more debtors prisons.
Can you pay off a loan ahead of time and save interest charges?
It depends on the type of loan. Most mortgage (home) loans are of a type where the interest you pay is on the "remaining balance". It stands to reason therefore that if you reduce the remaining balance the interest will be calculated on a smaller balance and therefore be a smaller amount.
Do you have to pay the balance owed after self repossession?
You pay what is owed after the creditor sells the car for. So if you owed 10,000 and the creditor sells it for 8000 at an auction, then you would owe the remaining balance.
In South Carolina can you go to jail if you are unable to pay the balance remaining for a repossession that was sold at auction?
No, we no longer have slavery or debtor's prisons. It's unconstitutional.
What happens if you can't pay any remaining balance on a repossessed car and do not have a job?
The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.
If you have a car repoed in South Carolina do you have to pay the remaining balance of the loan?
Yes. Additionally, you will be responsible for any late fees, repossession fees, storage fees, transportation fees, and legal fees and court cost incurred during the repossession process.
How can you find out how much your car was sold for after a repossession?
I believe that once the car is sold at an auction or other means, you are suppose to be provided with paperwork showing you the amount it sold for and any remaining balance. If there is a remaing balance, you will probably be ask to pay it.
If you are threatened with a repossession can you pay the balance before they repossess the car?
IF the lender accepts it you can.
What happens when you can't pay the remaining balance of a voluntary return?
The lender will sell the vehicle and you are responsible for the deficency. They will sue you for the balance left on the loan after the sale of the vehicle. The court will order you to pay and they can garnishee your wages.
What happens after a repossession?
After a repossession, you will need to pay a fine usually. For example, if this was a car being repossessed, you would have to pay a certain amount to get it back.
If you file bankruptcy do you have to pay the balance after a repossession?
It depends of which B/K you file and whether you complete it.
What happens after after a car is repossesed?
Your credit is shot to hell, you have no car, and you probably have to pay the remaining balance of whatever you owe minus the value of the car they took back.
How can you get out of a car loan without a repossession?
Sell it for what you owe if it is possible. Pay off the loan, get the title and sign it over to the new buyer. If you cannot get what you owe, then get as much as you can. Get a personal loan from the bank to pay of the remaining balance. The personal loan is better than the amount you owe on the car.
Can you get a repossession off your credit if you pay the past due amount immediatley?
Actually, it doesn't just come off your record. It will show as a repossession, but it will show as no balance due.
