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What happens to a vehicle if the financial company says they don't want it and they sue the owner for remaining balance after repossession and sale?
Wiki User
∙ 13y ago
If the finance company has sold it, you have you answer. How can you be so stupid?
Wiki User
∙ 13y ago
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What reflects the financial position of a company at any given time?
The 'financial statement' reflects the financial position of a company at any given time.
If you voluntarily return a vehicle to the finance company are you responsible for the balance after the sale of the vehicle?
Yes, a voluntary repossession does not mean the buyer is not responsible for any of the remaining loan debt according to the original contract terms or for any additional fees.
What is the difference between balance sheet and financial statement if there is any........?
Balance Sheet: Balance sheet is the financial picture of an organization on a given day. while financial statement is a broader term and it can be for a very long time. financial statment is a formal record of business financial activities. it can be a day. month a year or so on. while balance sheet is just a part of a financial statement. in short balance sheet is also a finanaical statement. but finanacial statement can not be balance sheet..
Where can you find the financial statement for any company?
balance sheet
What reports a company's financial position?
It's the Balance Sheet.
Why comparative balance sheet is prepared?
Balance sheet is prepared to know the financial position on the Business/Company.
What if the company that repoed your vehicle sells it for less than you owe?
They will look to you for the remaining balance
How will a company use the adjusted trial balance?
The companies will use the adjusted trail balance to create the financial statements.
Which of these explains the financial position of a company at a specific point in time?
balance sheet
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.
What is special about the Repo Truck company?
There is no company with the name "Repo Truck", but "repossession" of a vehicle simply means the financial lending company "takes back" the vehicle, because monthly payments on the vehicle have ceased.
What will happen when a loan on a motorcycle has been defaulted and the finance company will not reprocess it?
If guess you mean "refinance" when you say "reprocess", the answer is repossession. Loans in DEFAULT are subject to repossession of the collateral and payment of the balance owed by voluntary or legal means.
