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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.
Can you get sued for the balance of your car loan after the car is repossessed and sold?
Yes.
Do you have to pay the balance of your car loan after it is repossessed?
yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.
If your car gets repossessed and you choose not to pay for it can they take your tax return?
If the lender has placed a judgment against you for the deficit balance (balance left after the car is auctioned/sold), then yes in most states, they can take the tax return and apply it to the balance owing.
What happens if my car is repossessed and then I file bankruptcy?
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
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.
Is a creditor allowed to continue calling debtor after a vehicle has been repossessed but not sold?
Yes. Even after the vehicle is sold, you'll still owe them the remaining balance of what you borrowed, and they'll continue to call.
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.
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.
Can you get sued for the balance of your car loan after the car is repossessed and sold?
Yes.
In South Carolina can you go to jail if you are unable to pay the balance remaining for a repossession that was sold at auction?
No, we no longer have slavery or debtor's prisons. It's unconstitutional.
Is it legal for the car to be repossessed and still require payments to be made?
Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.
If you owe more than the car is worth what happens if it gets repossessed?
The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.
Do you have to pay the balance after the car was repossessed and sold 3 yrs ago?
IF the lender obtained a judgment for the balance due, YES.
Do have to pay the difference on a repo car?
Yes. If you take out a car loan, fail to make payments, and the car is repossessed, you will have to pay the difference between the price the lender received at auction and the balance remaining on your loan.Since repossessed cars are usually sold at wholesale auctions, the difference can be thousands of dollars.
If your car was repossessed are you obligated to pay the remaining balance after it was sold for less than half of what you owed?
YES, read the contract you signed. How much you owe is partly due to how little you paid down and how much older the car is now.
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.
