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If your car is repossessed will it be a charge off by the finance company or will it be a judgment?
A charge off does not designate that the debt is not valid and collectible.
A judgment is a legal instrument awarded to the winning plaintiff in a civil suit and can be executed against any non exempt property belonging to the debtor.
Some means of judgment enforcement are wage garnishment or bank account levy or seizure and liquidation of assets or liens against real property).
Answer
If your car is voluntaryly given back or forceably repossed, the finance company will rate the loan as I7 or I8. (I- stands for installment loan--the 7 for voluntary and 8 for repossesion.If you don't make arrangements to get the car back and the alloted time has lapsed, the finance company can sellor auction the car in order to get reinbursed. Most times the car is sold for less than the loan balance (because thevalue is not there) which then creates a deficit balance. The finance company will now try to collect this deficit balance from you and ANYONE who signed the original loan papers. If it is not paid and the balance is large enough, the finance company can place a judgment again against ANTONE that signed. (This includes co-signers or divorced spouses.)The only way to get a judgment released is 1. Proving in court that it is not yours or that the balance due is not correct and a JUDGE statesthat the judgment is incorrect and dismisses it; or 2. A settlement agreement is made on the amount owed and it is paid.
What else can I help you with?
Your vehicle was repossessed and the finance company charged you ''storage'' fee on the invoice to get your vehicle back can the repo agent still charge for storage?
no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it
May a finance company charge finance charges after a judgment has been made?
Yes. After a judgment has been made, the defendant(s) have a specific period of time to meet the financial terms of the judgment. If they do not, the plaintiffs may collect a fair interest rate on the judgment until the monies are paid.
How can you find a company that would buy out a loan for a repossessed car in New York?
YES, they are called FINANCE COMPANIES and charge HIGH interest rates. If the car is already repoed, your chances are NOT good.
Can a company that is not a finance company charge interest and finance charges to someone it has lent money?
Yes.
What is done with the finance charge assessed by a credit company?
added to the balance
What is the difference between a service charge and a finance charge?
A service charge is typically a charge for a specific action that a company performs on an account or an order. A finance charge is an amount of interest that is charged on an amount of principal owed by a customer.
You almost had your car repossessed bc you changed insurance companies and finance company wasnt notified you called and worked everything out they still want to charge 300 in towing fees is it legal?
Put the blame on your insurance agent, he was supposed to send a binder to the finance co. But, I have never heard of a car being re-posessed for this.
How does a company calculate the finance charge on a mobile trailer?
i need to know how a calculation of finance charge was figured out. it is a original loan at 18,084 for 12 yrs at 5.75% interest.
What is done with the finance charge assessed by a credit card company?
added to the balance
What is done with the finance charge done by a credit card company?
added to the balance
Can a car finance company charge interest once the principal is paid?
yes it can
Do you have to agree before a company can charge you a finance charge?
You agreed to such action(s) when you signed the contract for the services or items.
