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When you volunteer for a repossession how do they get the balance after they sell the car at auction?
Wiki User
∙ 18y ago
You pay lump sum,total. OR they garnisgee your wages. Take your pick. There are NO payments after sale. There is no such thing as voluntary repo...a repo is a repo.... it screws you if you give the car back or not.They can sue you to try and get the balance or you can work out a payment plan be very careful dealing with lenders read everything get it writing do not trust them over the phone.
Wiki User
∙ 18y ago
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How much will a finance company sell a HD motorcyle for after repossession and where will they sell it?
It will be sold at auction at a lower price than the dealer will sell it for.
Do you still owe for car returned before repossession?
Unfortunately yes what the bank or creditor will do is sell the car most likely at auction for "X" amount. you end up liable for the difference between what they sell it for and the remaining balance of the loan.
Where is the car after repossession?
It depends, but as a general rule, the finance company that repossed it will keep possession of it, either on their own lot or at an auto auction for a certain number of days (usually 30-60) unless you pay the balance to get it back. After that, they will send sell it at auction and you will owe any deficiency balance. In other words, if the balance on the car is $7000 and it sells at auction for $5000, you will still owe $2000 to the finance company.
If your truck is repossessed in Oklahoma is the finance company reqiured by law to get as much of the owed balance as possible.?
No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.
How are funds distributed after sell of repossessed vehicle?
Whatever the sale of the auction is the bank will take it and pay the cost for the auction and whatever the balance is will be applied to what is owed. So if your car sells for $9 thousand, and the cost is $1k to sell $8k is applied to the balance of the car. If you owe $12k minus $8k you will owe $4k.
Private Party Repossession - Does the car HAVE to be sold and deducted from balance owed?
Yes , In Alabama. The purchaser has ten (10) business days to redeem vehicle by full payoff of their balance plus repo fees $$$ Repoee may demand you to sell at public auction. If this is demanded they are entitled to any amount collected over their balance plus repo expense you may claim. $$$ If vehicle sells for less than their balance owed , you may get a judgment against them for the remainder balance plus fees. Always add repo expenses $$$ If repoee does not demand sell ,it is your vehicle to do as you wish after ten (10) business days
What happens after home repossession?
The lender usually puts the property up for auction. They sell for far less than their Market value, usually, and the lender can still come after you if the balance of the loan isn't fully paid off, together with all their charges. Talk it through with a financial advisor; it really is the very last option.
If the vehicle was in accidents does that have any bearing on the lienholder trying to sell it after a voluntary repossession?
IF the car was repaired after the accidents, probably not. If NOT repaired , it will decrease the amount the car brings at auction, increasing the amount you owe.
If i turn my vehicle back voluntarly can the bank come after me for the what they don't sell it for?
I think it could be depending on which state, but they can bill you for the balance owed after the auction.
How do you sell a personal financed car?
repossession
If you voluntarily relinquished your car due to your unemployment status can you be subpoenaed to pay the remaining balance after they sell the car at auction?
They are not lying to you. A repo is a repo is a repo.
How do they take your car when its repossed?
Usually grab it with a tow truck. Unless you volunteer to give keys, then they drive it away. Unless you catch payments up, or work out a deal with lender, it is sold at action. If there is a difference in what you owe and the amount they get at action, they will sue you for the balance. If you owe $10,000 and they sell it at auction for $6000, they will sue you for the $4000 difference,
