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The vehicle will be taken to a storage lot, or sent directly to auction. The borrower will be notified by mail of the lenders intent to sell the vehicle either by an Order of Repossession or a Notive of intent. The vehicle will either be sold at auction or redeemed by the borrower. If sold at auction, the purchase amount will be applied to the loan debt. If the purchase price exceeds the debt plus all repo fees, the remaining amount will be refunded to the borrower. If the purchase amount is less than the loan debt (the more common scenario), the borrower will be required to pay the remaining amount of the debt.
What else can I help you with?
Can a disabled person's vehicle be repossessed in Florida?
A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.
Can out of state residents get Florida vehicle sales tax back?
no
How do you get car back after repossessed in the state of Florida?
call the bank, they are the only ones that can release the vehicle to you, good luck :)
What happens when you cannot locate a vehicle that is to be repossessed?
If there is evidence of fraud, the person hiding the vehicle can be prosecuted and possibly even put in prison.
In Florida if your divorce decree states that each party gets a vehicle but one party allows a vehicle to be repossessed how does the other party get their name taken off the loan?
you don't. you get the vehicle and the payments.
What happens when lease cannot be paid back?
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
What happens after court proceedings have been filed in Florida if you have little or no income and had the vehicle voluntarily repossessed?
You NEED to show up with proof of your little to no income. This is your chance to convince the lender that the chances of repayment are slim to none. If you dont show, they get a default judgement.
Can your vehicle be repossessed if you are awaiting to be paid by the federal government?
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
Can you get your vehicle possession after your vehicle was repossessed?
by paying the bill or rebuy it at an aucton
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?
it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.
In Florida when a car is repossessed do you still have to pay for it?
The vehicle will be sold. That amount will be applied to your balance. You will be responsible for the remainder owed along with any fees associated with the legal aspects etc
