answersLogoWhite

0


Best Answer

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.

User Avatar

Wiki User

8y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Are you responsible for loan balances after repossession?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Continue Learning about Finance

Is repossession of a leased vehicle the same as one you get a loan for?

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


If your car is damaged while it is being repossessed who is liable for the damages the loan company or the repossession company?

The LENDER is responsible for every detail of a repossession. They may pass the costs of repair on to the repo company.


What does i8 rating on credit bureau mean?

i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).


Does a spouse need to sign a loan modification if separated in GA?

If responsible for the loan- yes.If responsible for the loan- yes.If responsible for the loan- yes.If responsible for the loan- yes.


If you have a car repoed in South Carolina do you have to pay the remaining balance of the loan?

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.

Related questions

Is repossession of a leased vehicle the same as one you get a loan for?

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


Can you get a personal loan after a car repossession?

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.


If your car is damaged while it is being repossessed who is liable for the damages the loan company or the repossession company?

The LENDER is responsible for every detail of a repossession. They may pass the costs of repair on to the repo company.


What does i8 rating on credit bureau mean?

i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).


Can a car repossession be removed from your credit report because another family member was responsible for the 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.


How long after repossession can you get a car loan?

The repossession stays on your credit report for 7 years.


If two buyers are listed on car contract but no co-signer is listed will second buyer be responsible in repossession?

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


Does a spouse need to sign a loan modification if separated in GA?

If responsible for the loan- yes.If responsible for the loan- yes.If responsible for the loan- yes.If responsible for the loan- yes.


Who is responsible for damage to the yard during a repossession in Florida?

The LIENHOLDER is ultimately responsible for anything that happens during a self help repossession.


If you have a car repoed in South Carolina do you have to pay the remaining balance of the loan?

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.


Is the surviving spouse responsible for outstanding debt on the voluntary repossession of a vehicle when they are a cosigner on the loan?

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.


Can your wages be garnished for your spouses repossession 6 years ago?

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...