Best Answer

Your stepson made a decision (maybe not an informed one)and now he has to pay the results of it. Results??? The lender will get a judgment against him for the deficency balance and collect it.They can collect by garnishment of his wages and attachment of his property. Good Luck to him.

User Avatar

Wiki User

โˆ™ 2015-07-17 17:45:03
This answer is:
User Avatar

Add your answer:

Earn +5 pts
Q: What will happen if a vehicle is voluntarily turned over to the bank and they sell it for less than is owed?
Write your answer...

Related Questions

What happens to your credit if you voluntarily have your?

what happens if i voluntarily return my car to the bank due to job loss

Where is bank 1 on a Mazda Protege 5?

Most engines face forward, or to passenger side of vehicle. Therfore you sit on the left side,so that's bank one. if your engine is turned toward passenger side. bank one is front of vehicle.

Can a car purchase agreement be cancelled if the car has not received AND the title for the trade has not been turned over to the dealer?

If you have not driven off the lot with the vehicle and have not turned over the title for trade there is no deal. They still have the vehicle you agreed to buy, and the bank has to approve the loan which has not been done either.

Do i need full coverage on a financed vehicle that is garaged and i do not intend to drive?

Yes. Damage could still happen to the vehicle and the loan company or bank will require full coverage.

What do you do with a car that was voluntarily reposesed and the bank never picked it up?

The simple answer is, that if the bank never picked it up it is not repossessed. If you are not making your payments, and really want to give up the vehicle, what a lot of people do is take it back to the bank, and leave it in their parking lot. Be sure to give the bank manager the key and let them know what you are doing. If this is not possible continue to try to call them.

What happens to my credit if I voluntarily give my car back to the bank?

Even if surrendering a vehicle is voluntary, you will still be responsible for the amount owed on the loan after the sale of the vehicle. Most lenders report to the credit bureaus and any unpaid balance will be reported, as will payments made or missed on this balance.

If a vehicle is voluntarily turned in to the lienholder and payment is up to date can they put a lien on your house for the balance owing on the vehicle?

If the lender wins a lawsuit and is awarded a judgment, the judgment can be executed as a lien against real property owned by the judgment debtor, including the primary residence. In most states other ways of executing a judgment are, wage garnishment, bank account levy and the seizure and liquidation of non-exempt real or personal property belonging to the debtor.

What is entry for vehicle loan taken from a bank?

vehicle a/c debit bank loan a/c credit

Who owns the vehicle the bank or the person?

In a loan where the vehicle is the collateral, it is registered, but if you do not keep up with your payments, the bank stakes their claim and reposseses it, so in a way, the bank owns it, and it is a rent-to-own vehicle.

What is a left bank pal?

Left bank is on the drivers side on a RWD vehicle. On a FWD vehicle stand behind the transmission and the left bank is on your left.

What can happen if you hide a vehicle from the bank for non payment?

This all depends on where in the world you are and the kind of agreement you signed up to. As a rule of thumb the bank owns the vehicle until all your payments are paid off. If you do not make payments your obligations with the bank include returning the vehicle to their vehicle collection personnel. With this in mind, Hiding the vehicle from the bank could be classed as theft so criminal proceedings could be taken out against you. Many finance companies and some banks are now insisting that Tracking devices are fitted to vehicles for the full term of the finance agreement. Hiding your car from them would be almost impossible.

Where is bank 1 on a dodge 4.7l?

Bank one is on the driverside of the vehicle.

How do I surrender a vehicle to the bank?

obama did it!!!!!!!!!!!

If a car has been in your possession for three years after a voluntary repossession What happens next are you able to legally give the vehicle away?

If you voluntarily gave the vehicle back, you wouldn't still have the vehicle, so if you mean that you told the bank where to come get it, and they never did, I guess it would depend on the steps the lender took to secure title to it. IF you can prove the vehicle has been abandoned (timeframes are different in different states), you might be able to file abandonment papers, and ultimately gain title to the vehicle.

Does a bank have to pay tickets on a car it has financed or leased?

No. Tickets must be paid by the driver or the individual leasing the vehicle, and not by the bank. However, once the vehicle has been repossessed, the bank is then responsible for the vehicle (including any tickets which may accrue).

Your father died and had just bought a new vehicle what happens with this vehicle will the bank take it out of his estate?

The bank can repossess the car if payments are not made.

Can you use a small claims judgment to place a lien on the debtor's vehicle?

In most states, you cannot get a lien on a vehicle unless the debtor voluntarily grants one to you. Your other option is to have the vehicle sold at a public auction to help satisfy the debt. * Small claims judgments are generally for monetary recovery only. The judgment can be executed as a wage garnishment or in some states as a bank account levy.

How do you apply for a subsidised vehicle?

by bank loan

In the state of Indiana if a bank reposssess the vehicle and the sale of the vehicle ends up in a surplus situation does the bank need to refund the profits of the sale to the borrower?


When did Bank Panic happen?

Bank Panic happened in 1000.

Can a bank demand payment in full on an auto loan if the vehicle was repossessed for no insurance?

Yes. A bank repossesses a vehicle for nonpayment. If your vehicle was taken for being on a public roadway and not having insurance, it was impounded. When a vehicle is impounded, a lien is placed on it by the agency which ordered the impound. The interests of government agencies override those of the bank, and they can sell your vehicle to recoup impound costs if you do not reclaim it within a specified period of time. In this case, the bank receives nothing from the sale, and you still owe the bank the remaining balance.

Can they cancel your registration on your other car when you have a car voluntarily repossessed?

no, unless you owe the same bank money for both cars Tye only people who can cancel a registration on a vehicle is the registered owner or the Department of Motor Vehicles for violation of one or more of their rules and regulations.

Will Anchor Bank finance a new vehicle purchase?

"Yes, Anchor bank is an offshore bank in the United Kingdom. If you live in the UK then yes you can get a loan to purchase a new vehicle. You need good credit though."

How do you post a journal entry for the sale of a vehicle?

Debit cash / bankCredit vehicle account

What is the bank 1 sensor the left or right?

It depends on the vehicle. It will be the bank that includes cylinder #1.