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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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βˆ™ 2004-10-17 19:40:37
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Do you pay what is left on the loan or what the lienholder sells it for on a voluntary repossession of a car?

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


Can wages be garnished for the balance of a loan in a voluntary repossession?

Yes, they can be garnished for this reason.


What will happen when a loan on a motorcycle has been defaulted and the finance company will not reprocess it?

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.


You returned a car you purchased because you could not pay for it?

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.


What is a deficiency balance for repossession Louisiana?

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.


How does a willing reposession effect your credit?

A repossession hurts your credit score whether it is voluntary or not. The creditor will report late payments, a charge off status, and a balance if one is owed. A repossession may hurt your credit score anywhere from 60 to 120 points.


Is there a statute of limitations on how much time they have to collect after a repossession?

The SOL starts when the Lender gets a JUDGEMENT for the balance due.IF the judgment is sold correctly, it can stretch for a long time.


What if you voluntary repossession of your car due to excessive car repairs?

You are combining two unrelated items.The bank doesn't care if your car is running or the problems with it they want their money.A voluntary repo is the same as a non voluntary repo you will still owe the balance of the loan after the car is sold and the amount deducted from your outstanding loan.


How can a repossession with a zero balance affect a credit score and can it be removed?

A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.


Do you have to finish payments after your car is reposessed?

You have to pay off the debt. The car itself will take car of part of that when the lienholder sells it at auction. You'll have to make up the difference between what it sold for and what you still owed (and you'll have to pay for the repossession expenses also). If by some miracle the car sold for more than the debt and the repossession expenses, then you should get a check back for the balance. However, how they'll handle this is almost certainly not by having you "finish payments". Call the lienholder and find out what they want you to do.


If you do a voluntary repossession on your truck will your dad's credit be affected as the co-signer?

VERY MUCH affected. You AND Pop will be expected to pay the balance due after the lender sells the truck. Try to sell it yourself.


Repossession car can they put a judgment on you for the balance?

yes


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??


If a car is sold after repossession does law state that it must be reported to the bureau as zero balance?

If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?


Can wages be garnished after a repossession to collect the balance?

Can wages be garnished for the balance of an auto loan in the state of Delaware


If you had a voluntary repossession in Illinois and receive a notice for the outstanding balance will the loan be wiped off if you file for bankruptcy or will the co-signer still have to pay?

the co-signer is just as responsible for the debt as you are, hence the name "co-signer"


After a voluntary repossession and subsequent sale at auction Can the remaining balance be refinanced at a lower rate?

No, you'll be * 1) considered a credit risk since you didn't keep up the payments on the car loan. * 2) have no collateral for the new loan


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.


If have a voluntary repossession in the State of California are you still liable to pay off the loan?

In California, yes. In some states, no (i.e., Texas). There is no legal difference for deficiency balance between voluntary and involuntary repossession (it should cost less to just pick your car up than it does to have an involuntary repo, which would save you some money if you are going to pay off the deficiency balance). However, you might be able to come to an agreement with the lender to make reduced payments and keep your account current and your credit good. This is all assuming the lender is not able to sell your car for as much as you owe them. If they sell it for more (including costs of repossession and sale) then by law they must refund the difference to you. If you think about what that would cause IF it was true, you would knnow the answer. Did you read your contract??? If you were a LENDER, would you loan money in a state that didnt allow you to collect the balance owed if the debtor did a Voluntary repo???? That would only serve to drive up the costs to those debtors would DIDNT do a voluntary repo. ??YES.


Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?

Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).


If you are threatened with a repossession can you pay the balance before they repossess the car?

IF the lender accepts it you can.


Part of the brain that coordinates voluntary activities and balance?

Cerebrum


What part of the brain coordinates voluntary activities and balance?

cerebellum


Where are posture balance and voluntary muscle movements controlled?

Cerebellum


What part of the brain controls voluntary movement and balance?

cerebellum