You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
Yes, you must pay the entire loan off.
Yes, your truck can be repossessed even if you are using it to earn an income, however, you can tell your creditor that you are earning money with your truck, and that if the creditor does not repossess the truck you will use that income to make payments on your loan. Of course, if you are not making payments, and spending all of your income on other things, then the creditor has no motive to let you keep the truck.
The people that reposed it may have a lien on it for an unpaid loan.
IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.
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.
Yes, your car can be repossessed if the title loan is in collections. Actually, this is one of the most common ways for a defaulted title loan to be settled.
The one who BORROWED the money and/or the on who COSIGNED the loan.
Well, the estate does. Unfortunately, if there are no funds available in the estate to pay the loan balance, the vehicle must be surrendered or it will be repossessed. To avoid this, you might discuss with the lender options for you to pay ort assume the loan. This will protect your truck from recovery.
Yes! if there is a security interest on the loan (the vehicle). when you buy or lease a vehicle, you sign your right away to the vehicle in the event that you default on the loan..it does not matter what kind of vehicle it is.
To determine how long one will have to be delinquent on a loan before a car is repossessed depends entirely on where the loan was taken from. Different places allow different payback requirements.
Loan and security will always be active against the vehicle. It never goes away until paid or repossessed. Yes, the collateral may be repossessed at any time.