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Answered 2004-07-15 20:58:25
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
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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.
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 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
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 does voluntary repossession work on an RV in NC?
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.
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.
How long does it take for your car to be auctioned after repossession?
depends you should receive a notice in the mail from the lender as to the auction date and place.
Can you set up payments for what is left after a voluntary repossession and the vehicle is auctioned?
You can always make an offer, but its up to the lender whether its accepted.
What happens if judgment entered for car repossession in Texas?
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.
After your repossessed car is auctioned how long do you have to pay off what you still owe?
BAD news. They have already tried to let you make payments. This time they will want ALL of it.
Do you really have to pay the difference between the amount owed and the auctioned amount?
YES
What can a person do to get a repo back?
Get caught up on their payments, pay all applicable late fees and the repossession fee, and do so before the car gets auctioned off.
Can a car really get repossessed then auctioned for one cent and the owner be charged the balance?
It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.
Is a cosigner liable for the balance of a repossessed vehicle if the loan company auctioned it without notifying them?
READ your contract you signed. Call a local attorney for state specific legal advice.
Do I get money for car being auctioned off?
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.
Does having a remortgage help to avoid repossession?
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.
What happens after your vechicle is auctioned?
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.
What can I do to get my repossessed car back?
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!
