0
If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?
Wiki User
∙ 18y ago
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
Wiki User
∙ 18y ago
Add your answer:
Earn +20 pts
Where do you stand if repossessed truck is sold for less then the loan?
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
Can you sue a co-debtor for the balance remaining after your repossessed car was sold if the co-debtor was declared responsible for the debt by the court but never paid?
Yes, you can sue a co debtor for at least half of the remaining balance. You would owe part of it as well.
What if repossessed truck doesn't sell at an auction?
then you still owe on it. you (as the debtor) are responsible for any remaining balance. when you don't pay that, you'll end up with a judgement and wage garnishment.
Can you go to jail if you do not pay all of the remaining balance after a repossessed car is sold?
NO, there are no more "DEBTORS PRISONS".
Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
If your car was repossessed during your separation but it was bought while you were married are you both responsible for the debt?
Whomever signed the contract is responsible for the balance.
My car was repossessed and now they want me to pay for the remaining balance on the loan and I can not afford it. What can the lender do legally to get payments in the state of Pennsylvania?
no
Are you still responsible to pay off the remainder of your car balance once it is repossessed?
YES. Read your contract.
What happens if you can't pay any remaining balance on a repossessed car and do not have a job?
The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.
Is it legal for the buyer to be charged the full price of their repossessed vehicle?
When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.
Is a co-buyer responsible for paying off a loan if the buyer has no job and the vehicle was repossessed?
Yes, he or she would be equally responsible for the repayment of the loan balance.
What happens when lease cannot be paid back?
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
