Repossession
Loans
1995-2005 Chevy Cavaliers

Why would you still get calls from collection if it has been over 13 years since you had your car repossessed?

353637

Top Answer
User Avatar
Wiki User
2014-02-06 19:19:49
2014-02-06 19:19:49

Demand verification of the debt.

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

No. They can repossess their collateral (the car which was repossessed), and they can send a collection agency to hound you for money, but they can't confiscate your property.

User Avatar

If the dealer calls you after the car has been repossessed, then you should inform them that you no longer have the car. They can contact the finance company to verify the information.

User Avatar

If you want them stopped, ask for the physical address in which to send a cease and desist letter regarding calls. They can still send letters and proceed to legal collection activity.

User Avatar

not if you still owe money on it

User Avatar

yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.

User Avatar

If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.

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

The person who has the car calls the lender and tells them where to pick it up. the lender might say"just drop it off at XYZ dealership"....or they might send someone to your home to get it.

User Avatar

No you don't still owe; once the motorcycle has been repossessed, it is no longer your concern. Whether the creditor sells it or fails to sell it is the creditor's problem, not yours.

User Avatar

Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.

User Avatar

he still calls you, he asks friends about you, he calls you on your b'day or special occasions

User Avatar

A car can still be repossessed if it has scratches or some slight damage. The current value of the car is normally used when netting off the debts.

User Avatar

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.

User Avatar

If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.

User Avatar

Its not an ex-girlfriend. Maybe he calls for a bootycall

User Avatar

Yes. If you signed the loan, you are still legally responsible for it.

User Avatar

Yes. If you have not paid for it then it is not yours.

User Avatar

You are still responsible for the balance of the contract, in addition to repossession, collection, and legal fees. Added to this can be transportation costs, storage costs, auction fees. The car should be sold and the sale amount deducted from your contract balance. What ever is left is called a deficiency balance and your are still liable for it. Keep in mind that most repossessed vehicles are sold at a substantial loss (much less than for what is owed) and the additional fees can result in a higher balance than the original payout on the vehicle.

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

Yes. The home was repossessed because you failed to make payments you contracted to make. Even though you no longer possess the home, the contract is still in force and must be satisfied unless the lender forgives it,

User Avatar

Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost


Copyright ยฉ 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.