If my creditors don't get what I owe what happens? I read in a law book that they can only seize the veihcal or sue for what is owed, not both is this true?
2007-01-04 12:09:13 · 4 answers · asked by Heinrichs B 1 in Cars & Transportation ➔ Buying & Selling
You are still liable for what is owed on the vehicle minus out what they sold it for at auction. Also they will of course add in fees to this vehicle. such as repo fees, auction fees, title fees, and any other fees they come up with. and yes you signed the contract and you are liable for them.
2007-01-04 12:17:50 · answer #1 · answered by logan 5 · 4⤊ 0⤋
if money is still owed they will clean it up and put it up for auction whatever it goes for minus tow truck fees, deliever and the cost of clean up you owe the difference. say you owe 10,000 and it sells for 8,000 you owe 2,000? then they are supposed to set up a new payment arragnment for the rest owed then if not paid they can go after you.
2007-01-04 12:16:19 · answer #2 · answered by emery_sage 3 · 0⤊ 0⤋
I lost my dodge truck and they(the bank) sold it for 8,050.00 at auction and i still owed 13,360.09 so now there coming after me for the balance and putting a bad mark on my credit. life is hard i would try to get it back.
2007-01-04 12:13:52 · answer #3 · answered by HotRod 2 · 1⤊ 0⤋
You will owe them the balamce and they don't get much at auction!If you claim bakruptcy chapter 7 they can't get didly.
2007-01-04 12:15:19 · answer #4 · answered by JACK OF TRADES 3 · 0⤊ 0⤋