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Can you still owe money after your motorhome is repossessed?
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.
What will happen to a car once it is repossessed?
It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.
Are there laws that govern how much a consumer can be liable for after a repossessed vehicle has been auctioned?
As a rule of thumb, you will owe the difference.
What will happen if your car is repossessed in NC?
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.
Can the bank come back to you for the difference of the loan after the car has been repossessed and auctioned?
yes they can...but it also depends on state laws too
Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?
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).
Can they make you pay the difference between what the car brings and the amount you owed if your car is repossessed and auctioned in Arkansas?
YES, read the contract you signed.
Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
How can a person find and buy repossessed cars?
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/
Does repossession show on your credit report as soon as the car is taken or after it is auctioned?
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.
What happens to cars that have been repossessed but not auctioned off yet?
They are impounded until further action is taken
How can you find out where your repossed vehicle is being auctioned at Too try an buy it back?
Bank or loan company who repossessed it.
