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What happens to a vehicle when a balance of 447.00 is left owed on it and it is being sent to recovery service for collections will they work with you on the remaining balance?
Wiki User
∙ 16y ago
In the world of bad debt, everything is negotiable.
Wiki User
∙ 16y ago
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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 happens if you haven't paid the remaining balance after the repossession?
"remaining balance" as in what you are behind OR the remaining balance due on the loan??
What happens to the balance left at the exhaustion of an unemployment claim?
Because all employment benefits are paid from a state unemployment fund, the balance is reserved for any remaining claims.
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 to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
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.
What happens in indirect tax collections?
They burn 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.
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?
If the finance company has sold it, you have you answer. How can you be so stupid?
What happens if you do not pay the remaining balance after a repossession?
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.
If your car is reposessed are you liable for the rest of the balance?
Once the vehicle is auctioned off and sold there is usually a remaining balance left to pay. You will start receiving collection notices about the remaining balance. This is when you will want to prepare yourself to negotiate a settlement.
What happens if you let a car go back?
They will sell it at auction for pennies on the dollar and then come after you for the remaining balance. They will often sue you if you have a garnishable job and then garnish your wages if you refuse to pay.
What happens if you fail to report a move to a different city to your probation officer?
In the state of Michigan, if you probation or parole fees have not been paid by your release date, you will be released from parole or probation, but the remaining balance will be turned over for collections, and regular collections procedures will begin.
