0
My car was repossessed over a yr ago Can legal action still be taken against you?
Wiki User
∙ 9y ago
So here is an example of what can happen when a creditor repossess an item. "If an item such as a car or furniture is repossessed, the creditor can then sell it. The money from selling the item is applied toward the money you owe. The creditor can still try to get any money you owe after the sale of the item. The terms of your contract might even add charges for the costs of repossession and sale."
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
Can your vehicle be repossessed after the loan and security agreement has expired but you still owe a considerable sum?
Loan and security will always be active against the vehicle. It never goes away until paid or repossessed. Yes, the collateral may be repossessed at any time.
Do you still have to pay on a loan after your car is repossessed?
Yes, provided there is still an outstanding balance after the repossession and resale are completed. This is the case in most situations, due to the added cost of repossession, storage, and transport of the vehicle that will be assessed to you. If it remains unpaid, the lender may (likely will) file legal actions against you to recover the balance.
In Florida when a car is repossessed do you still have to pay for it?
The vehicle will be sold. That amount will be applied to your balance. You will be responsible for the remainder owed along with any fees associated with the legal aspects etc
Can your car get repossessed after bankruptcy?
not if you still owe money on it
If you have never had a car repossessed you have had a house repossessed Can I still get a car loan?
Most likely not depending on what financial situation you're in.
Can you still owe money on a car that was repossessed and resold to another buyer?
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
Is it legal for the car to be repossessed and still require payments to be made?
Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.
Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
Are you still liable for the payments if your truck is repossessed in Alberta?
Yes you are
What is an example of a company action which was legal but not socially responsible?
An example of a company action which was legal, but not socially responsible might be the dumping of items into the trash that can still be used. Retailers follow this practice to get rid of inventory they cannot sell. It is wasteful to just throw this merchandise away when it is still usable by someone.
Can your car still be repossessed if the payment is 30 days late?
Absolutely.
Can the bank put a lien on your home for the balance after the repossessed auto is sold at auction?
YES, after they get a judgment for the amount still owing on the contract. That amount can be applied as a lien against other property you own.
