If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?
The deficiency balance in every state as relates to repossession is the outstanding balance of the original principle plus fees accrued by the repossession process that remain after the resale of the repossessed vehicle.
Can wages be garnished for the balance of an auto loan in the state of Delaware
The State may do so after notice to the obligor, yes.
Yes, Ohio is a recourse state. This means that lenders in Ohio can pursue borrowers for any deficiency balance remaining after a foreclosure or repossession.
I only know about the state of Massachusetts. And yes in our state they have one hour to report the repossession to the police department in the town of which the car was taken.
The U.S. Census Bureau reported that the estimated population in Montana was 1,042,520 as of July 1, 2016.
Sample letter of vehicle repossession for the state of texas
Five Star Process Service and Repossession
In the state of California, the lender of a repossession may only charge fees that it incurs and that are in the contract. If the lender pays for the storage or houses the repossession, then yes, the lender is allowed to charge both a repossession and a storage fee.
Gap insurance will not cover repossession in any state or territory of the US. Repossession is not a valid claim for insurance. In fact, it is possible your insurance could be cancelled as a result of the repossession, making you high risk.
Most folks do so. Ask your B/K attorney for state/case specific advice. Yes
As far as I know there is no statute of limitation on auto repossession in any state. Check with your state Attorney General to be sure. I will post a link for you to read. Repossession should be your last resort. Hiding a vehicle from repossession is a crime in some states. The consequences of repossession are always bad for you.