What can you do if your car was totaled but the insurance didn’t pay the accomplish amount and you can’t pay the rest because you needed a fresh car and now it’s considered repossessed on your credit?
If you were not at fault in the accident, you can sue the insurance company for the balance on your loan. If you accepted the payment from the insurance company and signed a waiver from future litigation, you cannot do anything but pay the debt yourself.
If you stored a guys car for 6 months and now he will not pay his bill because the car is going to get repossessed can you place a lien to stop repo?
Can you stop paying car insurance on a car with deep-throated motor and proceed to pay off loan to avoid voluntary repossession in Fresh York?
If your car is repossessed and they auction it do you have to pay the amount that they tell you is leftover on the loan?
Are you likely to have to pay the balance if the finance company cannot get utter amount for the repossessed car and how much does it hurt your credit?
If your car is repossessed and you pay to get it back does it stay on your credit as a repo?
If your car was stolen and totaled can the bank list it as a repossession and make you proceed to pay insurance on it?
If a car is repossessed and you pay the balance after they sell the car do they liquidate the Repo in your credit report?
If your car is repossessed and sold for less than the amount owed do you have to pay the difference?
What do you do if the insurance for a totaled car does not pay off the car loan?
Can your car get repossessed for not paying your insurance?
IF your loan contract specifies that you must maintain insurance covering the vehicle, the reaction is YES..
Just an echo of the previous reaction, most major lenders require that the vehicle maintain utter coverage insurance. It states in your finance agreement that the vehicle must remain insured or it can be repossessed.
Who pays the loan if a car is repossessed?
The one who BORROWED the money and/or the on who COSIGNED the loan.
If you had a car repossessed do you have to pay anything?
depends on your state laws and your loan agreement. In my state you are responsible for what ever you still owe on the car and any fee I charge. If your car is sold that amount will be deducted from what you owe. In other words, I repoed a car and the fellow owed $2000, I bought it for $600 plus my fee. He still owes the bank. $1400
What can you do if you and your hubby co-signed for a car and you’re now divorced and he was responsible for debt but didn’t pay and the car was repossessed and sold and now he’s menacing to sue?
If the responsibility for the debt belonging to your hubby was a part of your documented divorce paperwork, you can basically tell your ex-husband he doesn’t have a gam to stand on. If you don’t have anything in writing that says your ex-husband, and NOT you, was responsible for the debt, you may be partly responsible financially.
If you don’t have a job and your car gets repossessed do you still have to pay for it when you didn’t have a job when you very first got the car and no credit was checked?
Read your loan agreement.Yes you will have to pay for balance of the loanafter your vehicle is sold or auctioned.Your current or past job status makesno difference to the bank.
If your car is repossessed in Montana and you pay the finance company the total amount you owe in total plus whatever fees are they required to comeback the car?
If they take the money then yes however they have the right to reject the paymentsince you are in disturbance of the loan agreement.
After your car gets repossessed and you pay the outstanding amount how long do you need to wait before they give you your auto back?
Depends on your state. In AZ, they cannot liquidate the collateral for ten days after repo. If it has been longer than Ten days, they can sell it and you would still be liable for the amount due (minus what they made off of the sale of the vehicle).
Will car insurance pay for a car totaled in a DUI accident?
It should. If the “at fault” vehicle is insured, it’s supposed to cover the victim’s vehicle 100%. If the “at fault” vehicle has comprehensive and collision insurance that insurance is supposed to cover the at fault vehicle up to the deductable amount.Note that the toasted driver will liberate his insurance and be required to get the VERY expensive DUI “insurance endorsment” since he/she is now in the highest risk bracket..
BTW, when a tipsy driver causes a collision it’s not called an “accident”. Accident is when things just happen. Driving buzzed is the CAUSE of the collision and as such the collision is not called an accident. Call it a wreck, crash or just about anything else that takes away the implication of a random act.
What should you do if your car was repossessed and you arranged a payment plan with the company and have paid them on time but now they say you need to pay in utter in 30 days?
If you arranged a payment plan with the company, you should have that plan in writing. If you do, they cannot arbitrarily switch the agreement unless you have defaulted by not making payments on time. If this is the case, you can sue them or ask the court for free arbitration, as this would fall under contract law and they would be in breach of the agreement..
However, if you arranged the payment plan vocally and have no paperwork to display for it, it’s your word against theirs. Since you’ve already had the car repossessed, it would not look good for you to go to court with them..
If the original loan was not reaffirmed then it would still be considered in default, and any act on the lender’s part would be legal..
The lender accepting a different payment plan than was originally established and then requiring payment in utter within 30 days is also legal, and breach of contract would not apply..
All lenders/lending institutions will have a clause in the original contract that states the loan terms can be accelerated if the agreement is defaulted in any manner.
When a car is repossessed do you still have to pay for that car?
Yes. If there is a difference inbetween the value of the vehicle and the balance still owed on the loan, plus applicable fees and interest, it must be paid by the borrower..
However, the actual value of the vehicle may not be the amount that it is sold for even tho’ the lender/seller is legally required to make a reasonable attempt to get the market value.
Do you have to pay off the total amount of a car when it has been reposessed?
In my experiance. The dealers repo the car, a few weeks go by they auction it off. Then charge you for any repairs and cleaning costs plus the amount they didnt make back while auctioning your car. If your fortunate you can make a deal and get it returned but its very unlikley.
If you have the money to pay overdue amount plus fines and costs on a repossessed car can you get it back?
You are still legally obligated to pay those things but you must look on the original agreementwith whom you owe the monies to. If on there it states that if you default and get the car repo’ed, you may not be able to. Call the company you intend on paying and ask them.
Can a car get repossess because of no insurance?
No.Most (99.9%) of the lenders require you to maintain Comp.& collision Ins. on the vehicle the money was loaned for and secured by.If you fail to do this the lender can, and in most cases, will put this Ins. on the vehicle and you will be charged. The charge for Ins. placed on the vehicle by the lender will be fairly high, and it is then added to your payment. If you get your own Ins., the lender will cancel the ins. they placed on the vehicle.
If your car is repossessed do you still have to pay for it?
The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.
What should you do if a co-signer on a car loan totaled car with no insurance now you are paying the loan?
Can car be repossessed if pay on the past due amount?
“Pay on” – sure – your still in breach of the payment agreement and owe the debt – just by a lesser amount. (The lender has the obligation to do everything to mitigate (that means lessen) his damages…that would seem to include accepting partial payments which act to do so. “Pay off” all amounts due – then no repossession should occur – there is no debt to be in default of not not paying.
If your car is repossessed do you have to pay the balance?
you’ll owe what’s left on the contract after the vehicle is sold (very likely through auction). Example: you owe $2500, the car sells at auction for $500, you owe $2000 because you signed a contract stating you’d pay a certain amount, that’s what the creditor is after.
Do you have to pay for a car if it is repossessed?
The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.
If my car is totaled and not paid for will your insurance pay for it?
In most cases, insurance companies are only required to pay up to the book value of your car. What this means is that if you owe $15,000 on a car loan and the car is only worth $12,000, you will still be held responsible for the remaining balance which in this case would be $Three,000. This is also known as being upside down. If you purchase GAP, a.k.a a debt cancellation contract, then you would not be held liable for the remaining $Three,000. This is why it pays to purchase a car that has good residual value meaning it shouldn’t depreciate much quicker than you are able to pay off your loan.
Can they repossess your fresh car if you have the car in your name but your fiance is the primary driver and pays for it and you drive it sometimes if he is on the insurance and has a valid license?
If the loan or lease is in default, the car can be repossessed, regardless of who has it or drives it.
Will car insurance pay if totaled car?
What if you get in a wreck but have failed to pay the insurance the past month the car is fresh and has gap insurance but the insurance is inactive because of failure to pay?
If the auto insurance is inactive, then so is the GAP coverage..
“GAP Insurance” is Not “Auto Insurance”, it is Finance Company Insurance. it will only pay the difference after your required Auto Insurance policy has paid it’s maximum thresholds..
If your auto insurance lapsed, then your GAP insurance has also lapsed automatically and concurrently..
The GAP Insurance is Void in the absense of an auto insurance policy..
Your on the hook for all monies owed to all parties involved with your finance note..
Why would you have to pay the utter amount for a repossessed car that was sold at auction?
When you finance or lease a vehicle, your creditor holds significant rights on the vehicle until you’ve made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car..
Talking with Your CreditorIt is lighter to attempt to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you’ll be late with a payment. Many creditors will work with you if they believe you’ll be able to pay soon, even if slightly late..
Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may deny to accept late payments or make other switches in your contract and may request that you come back the car. By voluntarily agreeing to a repossession, you may reduce your creditor’s expenses, which you would be responsible for paying..
Recall that even if you comeback the car voluntarily, you’re responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report..
Seizing the CarIn many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a “default.” In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are permitted on your property to seize your car without letting you know in advance..
But creditors aren’t usually permitted to “breach the peace” in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace..
Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property..
A creditor usually can’t keep or sell any private property found inwards. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can’t account for articles left in your car, talk to an attorney about whether your state offers a right to compensation..
Selling the CarOnce your creditor has repossessed your car, they may determine to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold..
In either of these circumstances, you may be entitled to buy back the vehicle by paying the utter amount you owe, plus any expenses connected with its repossession (such as storage and prep for sale)..
In some states, the law permits you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession..
The creditor must sell a repossessed car in a “commercially reasonable manner” – according to standard custom-built in a particular business or an established market. The sale price might not be the highest possible price – or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable..
Paying the DeficiencyA deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $Two,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. .
In most states, a creditor who has followed the decent procedures for repossession and sale is permitted to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract..
Depending on your state’s law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only chance to present any legal defense..
If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment..
Reminisce this repossession will stay on your credit for 7 years.
I had no car insurance and the car is now totaled and I still owe on the loan do I have to repay the total amount or can I set up arrangements to pay a lesser amount?
Do you have to pay for a car that was repossessed?
If a car is considered a total loss after an accident and the insurance company pays you for what the car is worth do you still have coverage on that vehicle if you contnue to drive it?
I wrecked my friends car they didn’t have insurance do i have to pay?
You had a car repossessed you have now just finished paying for another car but the bank is refusing to give you the car title till you pay the old repossessed car can they do this?