0
Because the car is a fixed asset, the depreciation of the vehicle must be recorded up to the date of sale. The proceeds should be recorded as credit if profit was earned or debit if there was a financial loss.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
Are sale proceeds of a car taxable income?
Only if you made a profit; i.e., you received more than you paid for it. Then you would pay tax on the gain.
If your car is repossessed can they take your house if you do not pay?
NO, they can "attach" the house so that IF you ever sell it, they will be paid FIRST out of the sale proceeds. READ your contract to see what you agreed to when you borrowed the money.
Do I get money for car being auctioned off?
Yes, if you own the car being auctioned, you get the proceeds of the sale, minus the auctioneer's commssion. No, if your car was repossessed and auctioned by the lender, it would be rare that the proceeds, minus the auctioneer's commission would exceed the amount you owed on the loan. However, if it did, you would get the remainder. On the other hand, if the auction doesn't cover your loan, then you could still be sued for the remaining payments.
Can you sell your car with payments left on the loan?
Someone cannot sell his car if there are still some pending payments on a loan. It is however possible to enter an agreement with the financier so that the remaining payments can be financed by part of the proceeds from the car sale. An extra interest payment may be charged for that.
Can you trade in a loan car?
Yes. You must pay off the loan with the proceeds, and pay the difference if the proceeds are less than the loan.
Do you have to repay the debt after reposession?
Depends. Usually the item is sold and the balance owed will be paid by the proceeds of that sale. You may also have monies coming to you. Example. you buy car for 25000 you paid 15000 (at time of repo) still owed 10000 Sale of vehicle was 8000 you still owe 2000 or Sale of vehicle was 11000 THEY owe YOU 1000 Hope this helps....
Are there organizations specializing in the donation of vehicles?
Yes, there is an organization called the "Charity Car Program" which will pick up your old car and donate the proceeds of the scrap metal and parts sale to the charity of your choosing. You will also be given a tax donation receipt based on the amount your old vehicle is sold for.
Is there any legal way to sell a car still under finance without transferring the debt to the new owner?
Yes, if you have something else of value that the bank/credit company is willing to transfer the collateral to. This also may work if you are planning on buying a different car with the proceeds of the sale.
Can register a car you ga with bill of sale?
No. You must prove ownership, therefore need to have the title to the car with the details of the sale completed. A bill of sale is worthless for registering a car.
What happens to the vehicle when you donate a car to veterans?
In most cases if possible the car is sold and the proceeds are used to help the veterans.
Where can one find listings of car engines for sale?
You can find listings of car engines for sale on websites such as Auto Trader. You can also visit Car Site to find car engines for sale and a lot of other parts.
How to sell your financed car?
If your car isn't paid off at the time you wish to sell it, things are a little more complex. You need to close the loan with your lender by paying off the balance with the proceeds of the sale so that you can present a clear title to the buyer. If however, you have to sell the car for less than you owe on it, you will need to pay the balance of the loan out of your own pocket to the lender.
