0
What can you do if your car was repossessed last year and you paid the money to reinstate the contract in the a lotted time but they still sold your car and are now suing you for the remaining balance?
Wiki User
∙ 17y ago
Stay current on your payments next time. Once you violate the terms of the contract, the vehicle is theirs and they can dispose of it as they please.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
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?
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.
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 still responsible to pay off the remainder of your car balance once it is repossessed?
YES. Read your contract.
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.
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.
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
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 get out of a contract on a car?
You may certainly return the car. However, you may find that even then, you owe the balance. And if it's repossessed, you may find that you owe the balance. It varies by the type of contract. You will have to have your contract reviewed by an attorney or accountant in your area, for advice specific to your situation.
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.
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.
Do you have to pay a remaining balance if a bank repossessed your vehicle?
YES. Read yo contract. Not unless the bank auctions the car for less than if left on the loan (which is usually the case). Also, the only way to not owe after repo is file bankruptcy, in which you loose your liability on the car.
