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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

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โˆ™ 2004-12-07 03:58:38
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What is forfeiture

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Q: 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?
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Related questions

What are you liable for when your car gets repossessed?

Once the vehicle is auctioned off and sold there is usually a remaining balance left to pay. You will start receiving collection notices about the remaining balance. This is when you will want to prepare yourself to negotiate a settlement.

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Electronic balance measures mass

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it measures weight

What is a balance that measures weight?

a spring balance

Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?

YES, read your contract.

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The cylinder measures volume, the balance measures weight.

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The most known is a balance and a scale balance.

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.

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Electronic balance measures mass

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A spring scale measures weight while a triple beam balance measures mass.

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A spring scale measures weight while a triple beam balance measures mass.

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A 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.

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