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On a voluntary repossession of a car do you pay what is left on the loan or what the lienholder sells it for?In: Repossession |
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On ANY repo, you pay the balance due AFTER the car is sold. Payoff = 5K, car sells for 2k, fees = 1K, you owe 4K.
First answer by roosta. Last edit by roosta. Question popularity: 46 [recommend question]
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Answers.com > Wiki Answers > Categories > Business and Finance > Personal Finance > Debt and Bankruptcy > Debt Collection > Repossession > On a voluntary repossession of a car do you pay what is left on the loan or what the lienholder sells it for?
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Can you voluntary give a car back what happens with the loan? You want to get a voluntary repo because the car is a lemon - needs 10K spending on it just to run you plan to pay off the loan Can you pay just what's left after they sell it? Can the financial institution holding your car loan sue you for the deficiency after a voluntary repossession of your car in Georgia? If a car is up for repossession but the lienholder can not find the car what can happen to the creditor? After repossession and the company sells the car do you have to pay the balance according to Iowa law? If the bank repossesses your car and sells it do you have to pay the remainder of the loan?
