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What if the car was repossessed and the bank won't take nothing but the payoff amount of 5300.00?
Wiki User
∙ 14y ago
You have two choices:
1). Pay the balance in full.
or...
2). Walk away and hope the vehicle retained enough value to meet or exceed the unpaid balance.
Any balance that remains after the vehicle has been sold at auction is still your responsibility to pay, in addition to any fees that have accrued as a result of the repossession, transportation, and storage of the vehicle, and any legal fees that may have been involved in the lender attempting to recover the vehicle.
Wiki User
∙ 14y ago
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Where can you find out what the payoff amount is?
Payoff amounts are not usually provided on the monthly loan statement because the amount is calculated on a daily basis. To determine your payoff amount, call your lender and ask them what the current payoff amount is. Ask them if the payoff will change if you want to pay off the loan on a future date (give them the future date and they can calculate the payoff for you).
Will a creditor accept a lower payoff amount?
A creditor will usually accept a lower payoff amount when requested. Usually a lump sum payoff will result in a lower due balance.
What is a binary agreement for a claim for a sweepstakes?
Binary agreement for a claim for a sweepstakes is a payoff which is either fixed amount of an asset or nothing at all.
Can you get your payoff amount to Toyota Motor Credit?
Yes
What happens when your truck is repossessed and both your name and your husband's name are on the title?
It may depend on your state. In Oklahoma, the vehicle (if not retrieved) will eventually be sold at auction, and the original contract holders (husband and wife in this case) will be responsible for any amount below "payoff".
In Washington state if you pay off the balance will you get your repossessed vehicle back the same day?
depends on how long it takes the bank to clear the check you have sent to them. if you send a personal check it may take up to 10 days to clear depending on the amount of the payoff balance
What would happen if you made payment arrangements for the payoff of a repossessed vehicle but could not keep them?
If you kept the repossessed vehicle, the lender could reposses it again and sell it. If this was just a contract to repay the debt, they could sue for money damages just like it was a promissory note.
If your car was repossessed today but you are willing to pay off the remaining balance do you have a good chance of getting the car back?
Call the lender first thing in the morning and make the arrangments to payoff.
How can you eliminate your auto loan without finishing the payoff?
One way or another, the loan has to be paid off. If you trade the car in, you can get the payoff added to the amount financed on the new car.
When an auto has been repossessed and auctioned is the difference owed determined by the payoff amount including repo fees at the time of repossession?
ENTIRE balance Due including interest and fees - sale price. BUT, the lender can take an OFFER. cash works best. LOL bargain, negotiate, wheel and deal. good Luck
If a vehicle is stolen and you haven't made this month's payment is it possible it can be repossessed?
You should have reported the theft as soon as possible. Regardless of theft, you are responsible for the payments. Hopefully, you had theft insurance to make the payoff for you.
What is a political payoff?
A political payoff refers to the act of exchanging money or favors in return for political influence or benefits. It can involve bribery, kickbacks, or other unethical practices aimed at gaining an advantage in political decisions or actions.
