In MOST cases, you are responsible for the BALANCE DUE. Read the contract you signed to find out more on it. It is NOT something you want to forget about. lenders do get judgments for the balance and do collect them.
Your responsible to pay back the loan, plus all accumulated interest, fees, costs of collection, etc., as that was all provided to you as terms of your getting the credit and loan you asked for. If the property is recovered, after all the additional costs of doing so, doesn't pay the amount provides less than the payoff, the rest is still entirely due and owed by you. It is just no longer secured by the property. Any excess amounts are returned to you.
In bankruptcy you may have a different result, with the excess debt being possibly discharged.
In my experience, a lease and a loan repossession are the same - I had a voluntary repo where I brought the car back to them with keys, and just got a car with loan repossessed and they do the same process with both, and yes, you are responsible for paying any unpaid amounts. In my situation they were both sold at auction and I was responsible for the outstanding balances to pay off. I didn't see any difference in leasing or with loan to own. i am leasing a vehicle and today is the last day of my contract and i am over the mileage and the dealership charges 15 cents a mile after calculating it ends up being more than what the car is worth what should i do if i cant refinance it
The LENDER is responsible for every detail of a repossession. They may pass the costs of repair on to the repo company.
i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).
If responsible for the loan- yes.If responsible for the loan- yes.If responsible for the loan- yes.If responsible for the loan- yes.
Yes. Additionally, you will be responsible for any late fees, repossession fees, storage fees, transportation fees, and legal fees and court cost incurred during the repossession process.
In my experience, a lease and a loan repossession are the same - I had a voluntary repo where I brought the car back to them with keys, and just got a car with loan repossessed and they do the same process with both, and yes, you are responsible for paying any unpaid amounts. In my situation they were both sold at auction and I was responsible for the outstanding balances to pay off. I didn't see any difference in leasing or with loan to own. i am leasing a vehicle and today is the last day of my contract and i am over the mileage and the dealership charges 15 cents a mile after calculating it ends up being more than what the car is worth what should i do if i cant refinance it
You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.
The LENDER is responsible for every detail of a repossession. They may pass the costs of repair on to the repo company.
i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).
Nope, that is why you had to be co-signer. The bank was concerned that the loan might go into default and they wanted to be protected. If you took on the obligation you will be held responsible.
The repossession stays on your credit report for 7 years.
ANYONE who's name is on the loan contract is responsible for the debt. Who will sell someone a car and that someone NOT be responsible for paying?? NOT ME LOL
If responsible for the loan- yes.If responsible for the loan- yes.If responsible for the loan- yes.If responsible for the loan- yes.
The LIENHOLDER is ultimately responsible for anything that happens during a self help repossession.
Yes. Additionally, you will be responsible for any late fees, repossession fees, storage fees, transportation fees, and legal fees and court cost incurred during the repossession process.
If there are payments outstanding, you, the co-signer, are responsible. That's the point of being a co-signer; you agree to pay the debt if the primary cannot.
Brian, were you the co-signor on the loan??? Otherwise, NO. How could you be responsible for someone else's debt? YOU would have to sign the loan. Sounds like a collector trying to smoke ya...