Usually, yes. The same follows with cars.
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.
In most states, the lender will sell the car. If they sell it for more than you owed, they keep the extra money. If they sell it for less than you owed, they send you a bill for the difference.
Randy, IF it sells for more than the unpaid balance, you should receive the excess.
Yes. Once they sell your car after ropossession, they can garnish your wages, for the rest of the balance owed.
Truthfully a repossessed vehicle sells for what the bank is trying to get out of it and that is usually what is owed on the original loan and sometimes they will accept less for a number of reasons just to get rid of it and that would be damage to the vehicle, age and mileage.
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.
Yes. And the payoff, will usually be less than the amount owed on the loan. Work with the bank. They do not want the car, only their money.
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.
Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.
Nothing will happen to a person if they hid a motorcycle that is being repossessed. Eventually, the company that is trying to repossess will either give up or find you. They will use all tools at their disposal depending how much is owed at the time.
Yes, and potentially more than was owed before the repossession due to accrued fees.
You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.
no, they will sue you for the balance owed after the sale
A lien means that money is owed on your vehicle. If there is no more money owed, then there is no longer a lien, and the vehicle cannot be repossessed.
Will, that's usually the case. Then you pay the difference owed.
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
The debtor GETS the surplus, the debtor PAYS the shortfall owed.
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???
Yes the SOL varies by state.
yup The creditor who repossessed the car has to sell it (usually at auction) within a reasonable amount of time (2-3 months). They have to notify you that it will be sold. They have to give you any amount above what you owed plus reasonable attorney and other fees, or if there is a deficiency (the sale price and fees was less than what you owed), they can sue you for the difference.
When a vehicle is repossessed, it will eventually be sold at auction. Occassionally, the amount received from the sale is greater than the balance owed. On these occassions, the excess is sent to the debtor.
the bank will sell the motorcycle normally at auction what ever it sells for is taken of what is owed and you pay that balance if it makes more then is owed a refund is payed