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What happens when you can't pay the remaining balance of a voluntary return?
Wiki User
∙ 15y ago
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.
Wiki User
∙ 15y ago
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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 happens to a person who bought a car a month ago and has not made the first payment yet and wants to return the car?
It is called voluntary repossession. They will sell the car. You will then have to pay the difference in what the car sells for and the balance on the note. You credit will then be ruined for 7 years. You don't want to do this.
What happens when your return a car to finance company?
It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.
What happens if you do return a car after purchase?
If you try to return a car that the dealer does not agree to take back you may indirectly enter into a voluntary reposition. Be careful this is when you better read everything before you sign and get copies of everything you do sign.
What is the purpose of mortgage loans?
A mortgage loan is obtained when one is purchasing a house. In return for using the value of the house as collateral, a mortgage company will provide a loan for the remaining balance.
How do you return an unpaid car?
If it is too difficult to maintain payments on a car loan, it is possible to voluntarily give it back to the creditor or dealership. In some states, however, a creditor can sue for the remaining balance owed on the loan.
What is the difference between transfer and sale?
Transfer embodies every method of disposing of an asset, voluntary or involuntary. A sale is the voluntary transfer of an asset for consideration. You get something in return.
What is the balance for purchase return and allowances?
CREDIT
A survey in a magazine that asks readers to return the survey would result in?
voluntary-response bias.
You are behind 3 months on your vehicle and able to pay one month now but bank refuses to accept payment and wants car back Is there anything i can do?
Send the payment to them anyway by certified check, in certified, return receipt mail. If they return the check, and they are not likely to, then surrender the vehicle. When they do not return the check, pay the remaining balance in the same way as soon as possible.
Is accounts payable a debit or a credit on a trial balance?
Accounts payable's normal entry is credit. when it is at the debit side it could mean: reversal of accounts payable which happens at the end of accounting period, or return of merchandise purchased, or overstatement of purchased merchandise.
Will dumbeldore return in any of the remaining Harry Potter movies?
yes.
