HomeWhen a car gets repoed and sold at an auction for less than its value can the leading company put a lien on your credit report for the balance?
Wiki User
2004-12-30 17:54:08
2004-12-30 17:54:08
The lender will get a JUDGEMENT for the balance due and put THAT on your CR. And then use their OTHER legal options.
Related Questions
The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.
You will have to talk to you credit card company. They will be able to assist you in transferring your balance on your credit cards.
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
The 'balance' of his statement is the monetary value of his account with the credit card company. In this case it is the amount he owes the company.
Accounts payable is a credit balance, because that is how much you owe to another company. Accounts receivable (the amount you will receive from another company) is a debit balance.
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