My non-working automobile (ford) was repossessed final year. we have a bal of 2k upon it as well as a loan military officer wants a full volume in a single remuneration differently pronounced we will be sued as well as charged one more fees in a volume of 1,500 not together with authorised fees! Is this right? Also we asked what a automobile had sole for as well as if we could compensate a disproportion in between which though he would not give me any information.
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Absolutely they can. You financed the car and signed a commitment to the lender that you would pay the entire loan. If the vehicle was repossessed, then you probably didn’t fulfill the terms of the agreement and the lender has all legal recourse to obtain the remaining balance of the term of the loan.
Personally, I’d see if maybe you could settle with them at a lower rate. Otherwise, they could take you to court and you could be subject to the remaining balance and attorney’s fees.
You are responsible to pay the original amount of the loan, plus any recovery or legal fees they can legally add. So the answer is yes.
Typically, they sell the repossessed vehicle at auction and deduct the sale amount from what you owe. Maybe that didn’t apply in your case since you said the vehicle was non-working.
they are gonna tack some charges but typically the will auction it after repo and you would be left with the remaining balance if there is any. If they want the full amount of the rest of the loan then they havent resold it due to that if you paid it off they would have to give the car back. with the balance being as small as it is it would most likely be settled in small claims. the loan officers will try their best to scare you. I will say that if the car is worth absolutely nothing they would try harder to get you pay with more flexible schedule. He wouldnt tell you what it sold for because he may still have it. stand your ground and tell them you will pay the difference like you said. If it goes to court and a judge hears this he is gonna rule in your favor. Your trying to do the right thing. They are trying to make even more money from you. they are the rats.
“Michael” is absolutely wrong. They are not the ones who defaulted on the loan. They have every right to collect what is due to them according to the terms that you agreed to. They can and will do whatever necessary to collect what you owe them.
If it goes to court and a judge hears this he is gonna rule in your favor.
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LOL.
The OP defaulted on loan terms. I doubt Judge Judy ignores that!
As for the car, it wasn’t acutioned for anything more than scrap. THAT is why you will not get a sale amount figured into what you owe.
I know one thing, if Mikey is a lawyer, he is starving to death.
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carinsurance.deep-ice.com