answersLogoWhite

0


Best Answer
Copy

Yes. They can want you to pay and they can garnishee your wages, attach leins to your other property, but NO, they can't make you pay if you dont have a job or assets.

User Avatar

Wiki User

โˆ™ 2017-10-07 14:40:15
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

More Answers

User Avatar

Wiki User

โˆ™ 2017-10-07 14:39:20

Yes. The lender can sue for the balance on the loan and obtain a judgment against you.

User Avatar

Add your answer:

Earn +5 pts
Q: When they sell a car at auction and do not get the amount you owe left on your loan can they make you pay the balance?
Write your answer...
Submit

Related Questions

What happens when they repo a car and loan is still owed and they put car up for auction Who is responsible for the balance of the car loan?

I'm not sure if this is valid in every state, but I believe that if the car is sold at an auction, you will still be liable for the left over balance. If the car is sold at an auction and the sell price covers the balance of the loan then, I don't think you will need to pay anything else. Maybe some fees for the repo. I "think" this is how it works


What is the balance on a loan?

The balance means the amount of money that you still owe on the loan.


Is the consumer liable for the balance of the loan on a repossessed motorcycle in the state of CA?

The vehicle will be sold at fair market value and the proceeds will go to pay off the secured loan. If the auction price does not cover the amount of the loan plus fees - then yes, the balance would be due from the consumer.


What happens to your equity in your house after it has been repossesseded and sold?

You get back whatever was left over from the auction after the lender pays the auction fees, lawyers fees, miscellaneous collection fees, and the outstanding balance of the loan.


What is the outstanding balance on a loan called?

The amount of the loan is called the principal.


Does the repossession debt get immediately charged off?

No, the vehicle will be sold at auction and after expenses are paid, any money left will be applied to the loan amount. You will still be responsible for the remaining amount of the loan. If you don't pay off the remaining amount of the loan, the debt will be turned in to a collection agency and possibly court action will be initiated.


What if you want your vehicle repossessed?

I heard if you surrender your car back to the bank the loan is from, they will auction the car to get money back, if they DONT get the whole amount of what you OWE on the car... They will bill you the balance.T


Does the lender pay the loan off if the car is stolen while in his possession after a repossession?

NO, unless the ins. on the car pays off more than you owe.The amount the ins. pays would be the the equivilent to the auction price in the balance due on the loan.


How can I find a free loan amortization table to use?

As long as you know three out of the four loan variables which include principle loan balance, your current interest rate, the remaining amount of payment left on the loan, and the amount of your payments, then you will be able to find an online amortization table to help you track your finances.


Are you responsible for the loan balance if you foreclose on your home?

Yes, of course. The lender forecloses on the dishonored promise to pay, takes possession of the home, auctions it to the public, and you still owe whatever amount they were not able to obtain at the auction to satisfy your loan obligation. If the home has more equity in it than you owe, then the extra proceeds of the auction will go back to you, but you'll need a new home, unless you won the auction.


How do you get finance for buying property at auction?

Just contact your lender and get a preapproval letter for the amount you can get lending for. then obtain your loan once the auction is final.


What is the opposite of a fully amortizing loan?

Any loan where the loan balance is not paid off by fixed, regular payments. A balloon loan is a simple example. The loan comes due before the balance has been paid off. The outstanding balance is then paid in one lump sum. A fully amortizing loan is a loan with a monthly payment of sufficient size and a term long enough that the outstanding balance of the loan will be reduced (amortized) to zero. In other words, on the maturity date of the loan (the date you can stop making payments), there is no outstanding loan balance to be paid off. The loan has been paid in full. A portion of each monthly payment was used to pay interest on the outstanding balance. The remainder of each monthly payment was applied to the loan balance as a repayment of principal. There is no "opposite" of this. There are alternatives. A loan could be interest only -- where the entire monthly payment represents interest and there is no amount of it applied to the loan balance. As such, on the maturity date of the loan (the end of the loan term), the payoff balance due to the lender is identical to the original loan amount. There has been no amortization of the loan balance during the term of the loan. Another alternative is a loan based on 20 year amortization but with a 5 year term. In this case, the loan payment is established by the amount that would be required to fully amortize the loan over a 20 year period (down to a balance of zero). However, at the end of 5 years, the loan matures (the end of the term) and the remaining balance must be repaid. That payoff amount will be less than the original loan amount because some amortization has occurred, but is certainly greater than zero (which would have taken another 15 years to reach).


If you return the car what do they do to the cosigner?

THE VEHICLE WILL BE SOLD. IT IS USUALLY THE HIGHEST OF THREE BIDS AND THE AMOUNT IS OFTEN BELOW WHAT THE AUTO IS WORTH. THIS AMOUNT IS DEDUCTED FROM THE BALANCE OF YOUR LOAN. THE AMOUNT THAT IS LEFT OWING WILL HAVE TO BE PAID,IF YOU DO NOT PAY,YOUR COSIGNER IS RESPONSIBLE FOR THE BALANCE OWING. GOOD LUCK ROD.


Do you add a loan to cash on balance sheet?

Cash is added as asset and amount of loan is recored as a liability.


What is a disbursed loan balance?

When you get a loan, sometimes the entire amount of the loan is not given out (disbursed) immediately. For instance, suppose the loan is a home equity loan. Usually, the person receives portions of this loan as needed. Suppose the total loan available is $50,000. The person takes $10,000 of this amount. The disbursed loan balance is now $10,000. Depending on the contract, the person will receive a bill for an installment payment to reduce this amount plus interest.


How long after a repossession can a lender come after you for the money owed still?

When the vehicle is recovered, it is taken to a lot, inventoried, and eventually taken to auction. The amount received at auction is applied to the amount owed, including repo fees and collection fees. In the event the lender obtained a judgment against you for the unpaid balance, they have 10 years from the date the auction proceeds were applied to the loan. If there is no judgment, they have 7 years.


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 happens when your return a car to finance company?

It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.


What happens after the foreclosure auction who has to pay the difference between the amount sold at the auction and the difference of the loan?

the lender can seek a deficiency judgment against the homeowner in court


The is the original amount owed on a loan A Loan due B Interest C Available balance D Principle?

D


What does interest capitalization mean?

Capitalization occurs when your lender or loan servicer adds the amount of unpaid, accrued interest on your student loan to your loan balance. Once this interest has been capitalized, interest begins to accrue on that new, higher loan balance.


How will you know what you still owe the creditor after a repossession?

The amount you will owe the creditor will be the amount of your auto loan (including repossession fees, interest, and collection charges) minus the amount the vehicle sold for at auction. The creditor will notify you of the amount due in writing after they auction off the vehicle.


In Arizona when car is repossessed do you need to pay the whole balance left on the loan or what you owe to get the vehicle back?

Depends on your bank and what the history is with the loan. They have the option to make you pay the entire amount of the loan. They can also allow you to just bring the loan current along with any other fees to get it back.


If you owe more than the car is worth what happens if it gets repossessed?

The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.


Is Loan on balance sheet or off balance sheet?

Loan is on balance sheet