ENTIRE balance Due including interest and fees - sale price. BUT, the lender can take an OFFER. cash works best. LOL bargain, negotiate, wheel and deal. good Luck
Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.
It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.
As a rule of thumb, you will owe the difference.
Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.
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).
yes they can...but it also depends on state laws too
YES, read the contract you signed.
YES, read your contract.
Repossessed cars are usually auctioned off in the county they were repoed in, you can also try this link to help find repossessed cars, http://ultracarfinder.com/
It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.
They are impounded until further action is taken
Instead of having it forcibly repossessed, you call your finance company and tell them you're voluntarily having it repossessed. They may send a tow service to collect it, or they may ask you to take it to the repossessor. It'll be repossessed, auctioned off, and the amount they get from the auction will be deducted from the amount you owe. The finance company may offer a settlement at that point for an amount less than what you owe on that vehicle - that's up to the finance company.
Bank or loan company who repossessed it.
depends you should receive a notice in the mail from the lender as to the auction date and place.
You can always make an offer, but its up to the lender whether its accepted.
It goes through a legal process, and if you fail to get your vehicle back, it will be auctioned of to help fund the government.
BAD news. They have already tried to let you make payments. This time they will want ALL of it.
Get caught up on their payments, pay all applicable late fees and the repossession fee, and do so before the car gets auctioned off.
It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.
READ your contract you signed. Call a local attorney for state specific legal advice.
Yes, if you own the car being auctioned, you get the proceeds of the sale, minus the auctioneer's commssion. No, if your car was repossessed and auctioned by the lender, it would be rare that the proceeds, minus the auctioneer's commission would exceed the amount you owed on the loan. However, if it did, you would get the remainder. On the other hand, if the auction doesn't cover your loan, then you could still be sued for the remaining payments.
Yes. If you don't remortgage, you can almost be assured that your property will be auctioned off to the highest bidder. The goal is to delay the repossession as long as possible so you will be allowed to prepare for reminders about payments, solicitors, and--when the time comes--upcoming court dates.
If your vehicle is auctioned off you will have to pay the difference from what the vehicle was sold for vs the actual loan amount left over. Plus the towing fees and auction fees.
pay all owed monies and get the car before its auctioned ! only takes a few days before the car goes to the auction . they will the car fast even at at a loss!