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You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.

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βˆ™ 2012-06-08 18:56:31
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Q: Where do you stand if repossessed truck is sold for less then the loan?
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Related questions

Can a car be repossessed if i owe less than 10 percent of the loan?

Yes, you must pay the entire loan off.


Can your truck be repossessed if you are using it for income?

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.


Can a car be repossessed in California without a lien being placed on the title?

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.


Can your driver's license be suspended for not paying the balance of a loan after the vehicle was repossessed?

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.


If you were the last registered owner of a truck that got repossessed and the police called you because they found it with no history of owners except you could you get the truck back?

The people that reposed it may have a lien on it for an unpaid loan.


Who pays the loan if a car is repossessed?

The one who BORROWED the money and/or the on who COSIGNED the loan.


Can your car be repossessed on a title loan after gone into collections?

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.


Can a cosigner have a car repossessed if the loan has been in arrears?

yes


If you let your dad and his wife use your truck for collateral on loan in their name and he died shortly after who has to pay this back to bank?

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.


How long does one have to be delinquent on a loan before a car is repossessed?

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.


If you have never had a car repossessed you have had a house repossessed Can I still get a car loan?

Most likely not depending on what financial situation you're in.


Does a person who shares the title on a car but who is not on the loan have any legal responsibilities if the car is repossessed?

NONE on the loan.

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