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Repossession
Personal Finance
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Money Management

What is the statute of limitations on the lienholder trying to collect the balance of the loan after sale on a voluntary repossession of a car?


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2004-10-17 19:40:37
2004-10-17 19:40:37

the same as an invol. Depends on your state laws. If the lender has gotten a judgement, it could be a long while.

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On ANY repo, you pay the balance due AFTER the car is sold. Payoff = 5K, car sells for 2k, fees = 1K, you owe 4K.

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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.

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That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.

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The deficiency balance in every state as relates to repossession is the outstanding balance of the original principle plus fees accrued by the repossession process that remain after the resale of the repossessed vehicle.


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