The truck was sold by the bank at auction, they then sent us a bill for $5,600.00!!!! This was the balnce of the loan apparently, **NO this is the balance due AFTER deducting what it sold for at auction.and they auctioned the truck for far below it's worth.**REALLY, how much is /was it worth? It was sold at WHOLESALE price. Not retail.We are now receiving harassing phone calls from the bank and their collections dept. ( I am shocked at the unprofessionalism of these calls!)
what can be done to alleviate all of this? PAY the amount due.We don't have $5600.00 to give them for a truck we don't even have?! You had it and didnt seem to want it but that's NOT the issue. The issue is that you/he agreed to pay X number of dollars for X number of months. YOu/he didnt pay that and now the lender is going to collect the money due. They will sue you, get a judgment, and collect. Good Luck.
Firstly, in a legal sense, the lending institution owns the car, you are just the registered owner on the title - you promised to make timely payments to the lender in writing. Repossession occurs for one main reason - the agreed upon payments were not made by the purchaser at the interval specified in the loan agreement. The lending institution who initally granted the loan to you has the title in their files - they own the car, and will continue to own it until they are repaid in full for the monies they gave to the dealership or whomever the car was bought from. There is little recourse - the lending agency, who owns the car anyway, is just taking back their property and will attempt to resell it to recoup their losses. You may try talking to the lending institution and possibly by making up all back payments and signing another loan agreement, with a higher interest rate because you are now an 'at risk' borrower, you might be able to drive that car again.
if i get my car repossessed, can they put a llien on the house?
Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.
No, but your car can be repossessed if you don't make the payments.
No.
if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed
When a car has been repossessed the person paying the insurance should cancel it.
im sorry you can not
Yes
No. Your car gets repossessed, it's on you. You don't get to pass that on to someone else.
Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.
I have a welding machine on the truck they repossessed can they keep that?
Most likely not depending on what financial situation you're in.