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The lender will expect you to pay the deficiency which is the difference between the amount owed on the loan and the amount they get for selling the car.

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16y ago

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Related Questions

Where is the best place to get a loan for a vehicle?

The best place to get a loan for a vehicle is a bank or similar financial institution.


After a car loan has been charged off as a bad debt can the repo man still recover it?

Yes, the repo man can still recover the vehicle. The term charge off only describes the status of your account with a financial institution. It doesn't resolve that actual lien that the financial institution has on the vehicle. In other words, your name is on the title but financial institution is the owner/lienholder of the vehicle until the balance on the account has been paid off.


How long must a financial institution hold a vehicle after repossession before it can be disposed of?

im Missouri it is 10 days after repo, the title can be filed for repo by institution.


How is credit affected by returning a vehicle?

Can you please specify what you mean by returning a vehicle? Are we talking about returning a vehicle within the specified time by the dealer because you are not satisfied or are we talking about returning a vehicle that has been repoed?


Which companies provide vehicle refinance?

There are many companies that offer vehicle refinance programs. Very popular options include Chase, Nationwide, and Edmunds, as well as your local financial institution.


What do you do to get your car back after repo?

You will need to work with the financial institution to work out a settlement where you retain the vehicle and become current on your payments. Each loan institution is going to be different but the only way is calling until you get to the correct employee.


Bought a car with a bill of sale for parts only and was not going to register it now plan on registering it for the road what if there is a lien against the car from a financial institution?

The financial institution owns that vehicle until they are paid in full for it. You can call them and tell them the situation and see if there is something you can do to make it right, but they may reposess it.


In general the financial markets provide a vehicle for?

in general the financial markets provide a vehicle for


Can a bank keep a copy of your car key they finance?

Yes. Banks and credit unions can keep a copy of key. This is so because if your financial institution has to repo your vehicle for any reason, they already have a copy of the car key to get it where ever the vehicle may be.


Does gap insurance cover repossession in the state of NY?

No, GAP Insurance covers the difference between the market value of the vehicle the insurance company pays you after a total loss and what you owe to the financial institution.


What is the time frame for returning a used vehicle to get refund?

The time frame for returning a used vehicle to get a refund in most states is never. Once you sign a contract, except in extreme circumstances, you are stuck with the car.


What is the car rental drop off time for returning the vehicle?

The car rental drop off time for returning the vehicle is typically specified in the rental agreement and is usually before noon on the day of return.

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