0
What legal measures can a car dealer or collection agency take to claim on an open car loan balance after the car has been surrendered and auctioned?
Wiki User
∙ 19y ago
Read your CONTRACT as they are likely stated there. They can include JUDGEMENT, garnishment of wages, attachment of other property, reporting their write off/unpaid balance due to IRS as INCOME for YOU (1099). That really bites you when you file and didnt know they sent the 1099. OUCH. Who wants to have $15,000.00 show up unexpectedly as INCOME??? BTW, death, dismemberment and debtors prison are all a thing of the past. LOL
Wiki User
∙ 19y ago
Add your answer:
Earn +20 pts
Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
If your car gets repossessed and you choose not to pay for it can they take your tax return?
If the lender has placed a judgment against you for the deficit balance (balance left after the car is auctioned/sold), then yes in most states, they can take the tax return and apply it to the balance owing.
When a house is auctioned do you owe the balance of the mortgage after it is sold?
If the home was foreclosed on, you are still liable for the balance on the loan. Depending on the circumstances, some investors may not want to pursue it if the cost to collect exceeds the amount being collected.
If I am a cosigner on a car loan and it gets repo is the owner of the car responsible for the remaining balance after it is auctioned or is it the cosigner's responsibility?
Both are responsible until paid in full. It will also be on both credit reports as well.
How do you get a car title after bankruptcy 1 year ago?
If there was a secured loan and you reaffirmed the debt in your chapter 7 and you have paid off the loan, you should get the title from the lender. If you surrendered the car to the lender in your chapter 7, your balance was discharged as an unsecured loan and you have not owned the car since you surrendered it.
Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
What happen when you not payment of loan?
The collateral you put up for the loan will be seized (which may be done by repossession, foreclosure, simple forfeiture of ownership.. all depends on what it is, exactly), and then auctioned off. You will still be liable for any remaining balance once the collateral is auctioned off. Creditors may use collection agencies or even the courts to collect that debt.
What is the difference between a beam balance and a spring balance?
a beam balance measures mass while a spring balance measures weight
What is a balance that measures weight?
a spring balance
What is a difference between a balance and a graduated cylinder?
The cylinder measures volume, the balance measures weight.
What is the difference between triple beam balance and spring balance?
A spring scale measures weight while a triple beam balance measures mass.
What is the difference between the triple beam balance and spring balance?
A spring scale measures weight while a triple beam balance measures mass.
What is the difference between graduated cylinder and a triple beam balance?
The cylinder measures volume, the balance measures weight.
What is the difference between balance and graduated cylinder?
Balance measures weight. The graduated cyliner measures volume. Think scale and measuring cup.
Balance scale is used to measure what?
The mass of an object or objectsA balance scale measures weight, but not in pounds or ounces, it measures in grams.A balance scale measures relative weight, weight relative to another object rather than definite weight.
Is the bank suppose to let you know it auctioned your car?
Whatever the bank sold the car for they deduct that from the balance owed, and you pay the difference
What do you call the measurement that measures mass?
Balance.
