answersLogoWhite
Cars & Vehicles
Auto Loans and Financing
Repossession

When your car is repossessed will the finance company generally allow you to make payment arrangements on the deficiency or demand payment in full?

343536

Top Answer
User Avatar
Wiki User
2011-09-14 10:37:12
2011-09-14 10:37:12

make payment arrangements on the deficiency???? IF you mean the amount you're in DEFAULT on, NO If you mean the amount due AFTER they sell it, USUALLY NOT. Why?? You couldn't pay notes on a car you could drive, so why would they think you will pay on a car you DONT HAVE??? NO lender WANTS to repo a car, they just want the money. So when they have to repo a car, they will go after the money very seriously. Nothing personal, its only money...

1

Related Questions

User Avatar

Did you give it back to the finance company? If you still have the car, job or no job, they will be expecting a payment every month. You may be able to call them and make payment arrangements with them.

User Avatar

Yes. If the payment is made to the finnance company.

User Avatar

You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.

User Avatar

A motorcycle that was paid for on a credit card can not be repossessed considering the credit card company paid the dealer. You must pay the card company back though or they can take you to court.

User Avatar

While not sold specifically in Canada, Edible Arrangements delivers fruit baskets to the company. One of the larger Canadian based companies is Bloomex.

User Avatar

aegis ,out of st. Louis mo. used to

User Avatar

If it was repossessed legally then he is guilty of theft

User Avatar

Pay the company for the car, like you should have during the time you had it.

User Avatar

Contact a local repo company they will tell you what you need.Good Luck.

User Avatar

If your was repossed you need to call the car company and pay your car

User Avatar

Unless the credt card company is the lienholder on your vehicle, no.

User Avatar

Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.

User Avatar

No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.

User Avatar

If you are not making the required payments to the finance company that holds the lean on you car it may be repossessed. Proof of income is not required or relevant.

User Avatar

Yes and no it depends on the circumstances. For instance is it to a car or home. Anything can be repossessed if not paid for. Also if not repossessed it will have to be paid for if you're in the wrong and the person or company takes the matter to court.

User Avatar

It depends. Normally, if you car was repossessed, the finance company will "write off" the balance, but that does not mean you don't have to pay it. The company normally sells the car at an auction and you owe any deficiency balance. In other words, if you owe $10,000 on the car and it only sells for $6000, you will owe the $4000 difference.

User Avatar

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.

User Avatar

Companies that make the best chocolate arrangements can be found on websites listed under Edible Arrangements, Dipped Fruit, Fresh Fruit Bouquet Company, Edible Food Creations, or Edible Blooms.

User Avatar

Not only does Honda have insurance on the vehicle, so does the repossession company, the storage company, the transport company, and the aution agency.

User Avatar

The car can only be repossessed from a locked garage if the car is spotted in the garage from a window or a crack, but the repo company cannot enter the garage if the car was not visibly spotted.

User Avatar

The LENDER is responsible for every detail of a repossession. They may pass the costs of repair on to the repo company.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.