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You get notice of possible repo you try to pay off balance plus an extra two months with penalties and fees Creditor doesn't accept and repos the car Do you still have to pay the balance after auction?
Wiki User
∙ 17y ago
Yes you you have to pay the balance left plus the fees associated with the repo and auction.
Wiki User
∙ 17y ago
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Do you have to pay the balance owed after self repossession?
You pay what is owed after the creditor sells the car for. So if you owed 10,000 and the creditor sells it for 8000 at an auction, then you would owe the remaining balance.
If your car is repossessed do you have to pay the balance?
you'll owe what's left on the contract after the vehicle is sold (probably through auction). Example: you owe $2500, the car sells at auction for $500, you owe $2000 because you signed a contract stating you'd pay a certain amount, that's what the creditor is after.
Will a creditor accept a lower payoff amount?
A creditor will usually accept a lower payoff amount when requested. Usually a lump sum payoff will result in a lower due balance.
How do you find garnishment balance?
You can find your garnishment balance by contacting the court who issued the garnishment or the creditor who put the garnishment on your wages. You could also pull a credit report to see your current balance.
Can foreclosure take a 401K?
Not directly. However, if there is a balance owed on the mortgage once the property has been sold, it is possible in some states for a judgment creditor to seize monies from the account. Please keep in mind that 401K is better protected from creditor judgment by ERISA than an IRA which makes it unlikely that seizure action would occur.
Do you have to pay the balance owed after self repossession?
You pay what is owed after the creditor sells the car for. So if you owed 10,000 and the creditor sells it for 8000 at an auction, then you would owe the remaining balance.
Can a creditor sue you for a deficiency balance in the State of Oregon?
Yes. The lender can sue you also for fees, costs, and penalties incurred in the attempt to recover the debt.
Can your wages be garnished for a car that was repossessed?
Yes, if there was a deficiency balance owing after the car was sold at auction. Your creditor would have to sue you and obtain judgment in order to garnish your wages.
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.
Can my check be garnished for foreclosure?
It cannot be garnished "for foreclosure," but if there is a deficiency after the house is auctioned - as is usually the case - the creditor can sue for the balance due and garnish wages just like any creditor in MOST states. Some states limit the foreclosing entity to the proceeds from the auction.
What does it means if sundry creditor hava a debit balance and credit balance?
If someone has a creditor and has a debit balance and a credit balance this means they have a bank account. The bank account provides the debit card and the bank provides the credit balance.
How do you return an unpaid car?
If it is too difficult to maintain payments on a car loan, it is possible to voluntarily give it back to the creditor or dealership. In some states, however, a creditor can sue for the remaining balance owed on the loan.
Do you incur penalties when you file an amended tax return?
The filing of an amended return does not automatically trigger the assessment of penalties by the IRS. What could trigger penalties would be having a balance due, the amount of the balance due, and the reason(s) for that balance due.
If your car is repossessed do you have to pay the balance?
you'll owe what's left on the contract after the vehicle is sold (probably through auction). Example: you owe $2500, the car sells at auction for $500, you owe $2000 because you signed a contract stating you'd pay a certain amount, that's what the creditor is after.
Can a repossessed auto be sold at auction without informing the owner of the location and amount and status of remaing amount owed etc.?
The order for repossession goes out FROM the owner, so the owner would be aware of what was happening with the vehicle. Once any loan is defaulted, the entire balance is due and payable immediately. The creditor has rights under the terms of the contract to demand immediate payment in full, file suit for the balance, take all allowable provisions under state law (wage garnishment and freezing of bank accounts), and seizing any security (the car) for re-sale to recover the as much as possible of the balance due. Under the terms of the original financing agreement, the borrower would be liable for the difference between what was owed and what the vehicle sold for at auction, called the deficiency balance. The creditor is under no obligation to inform a delinquent borrower of the whereabouts of the vehicle during this process.
What is creditor account with debit balances?
A creditor is an entity that a company owes money to, such as debt to a bank or bondholders. If a creditor has a debit balance, it means that your company paid more than they owed. If there was a credit balance, you would owe money on that account.
Can your IRA get levied upon if your car is repossessed?
Not at that stage of the process. Once the car is repossessed, it will be sold at auction for whatever amount it goes for. Usually very little. Then the creditor will apply that amount less fees (usually exhorbitant) to the amount owed and sue you for the balance. If the creditor gets a judgment for the difference, then it can levy upon your IRA.
