0
Yes. If the amount of the debt is greater than the price the car brings at auction, then you will still owe the balance, and if you do not pay it the creditor can sue you in order to recover it. Depending on how much it is and whether they think you have sufficient assets to make it worth the hassle, they may not bother, but legally they're allowed to do so.
Still curious? Ask our experts.
Chat with our AI personalities
Jordan
Taiga
RafaAdd your answer:
Earn +20 pts
Can you get sued for the balance of your car loan after the car is repossessed and sold?
Yes.
Can you be sued for a car that has been repoed?
If your car was repossessed, they will sue you for the difference in what the car sells for and the balance on the loan, plus repossession fees.
What can happen if you havent paid your car in 4 months?
You can be sued and your car repossessed.
Can you be sued by a finance company once you have defaulted on a car loan?
Yes, if the vehicle is repossessed and there is a deficit between the sale and the loan balance, (including fees and penalties)and the borrower cannot pay what is owed.
In Texas can a car be repossessed if it is blocked by another vehicle?
no!
Will you get sued in Texas for not paying for car?
It is more likely the car will be repossessed by the lending agency, if you have defaulted on the loan. You may also be charged criminally. If you simply took a car without paying for it, this is classified as grand theft auto and, if caught, you will be charged criminally.
Can you be sued over a defaulted car loan in Texas?
YES
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
After 8 years after your car was repo you are being sued i did not receive a letter after repo?
Did you borrow the money and sign a contract to repay the loan? Did you have your car repossessed because you failed to make your payments? They repossessed your car and sold it, and you owe the difference in what the car sold for and the balance on the loan. What difference does a letter or 8 years make. Be an honorable honest person. Pay them their money. Legally you may get out of paying but morally you owe them the money you borrowed.
You have one day before your car is repossessed is there any payment options?
Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no
Do you have to pay the balance after the car was repossessed and sold 3 yrs ago?
IF the lender obtained a judgment for the balance due, YES.
If a car is repossessed and they sell the car how much can you owe?
The difference between the sale price & loan balance is what they will bill you for.
