Auto reposed they sold vehicle but are trying to brand me rate the remainder of the loan? am i still responseible for the loan

am i still responseible for the loan

Yes, If you owed $5000 and the auction brought within $2000 you still owe $3000, you need to work out a pocket money plan with the loan company. This is why financial counselors other suggest trying to sell your motor before a repo so you control the price. Same near selling your house before foreclosure.

Yes, you hold to pay the amount they are out for the coup��.

Answers: Yes. When they sold the car they sold it at auction and it probably go for the lowest amount possible... you are responsible for any money still owed. It should have adjectives be laid out in the reminder they sent you saying you own until XX day to contact us and lug care of this or we'll market it at auction and you'll still owe us money. Next they will turn it over to either their attorney or outside counsel to pursue you for collection... they will more-than-likely give somebody a lift you to court for judgment, which will eventually arrest up with you contained by the form of a garnishment.

This is a very celebrated life lesson... mistakes don't jump away, you have to own up to them eventually.

It happened to my friend too and sorry, he have to pay.

Yep

Do you other sign loans without reading them?

You probably missed the fine print, and yes you probably still owe.

You are responsible for the total worth of the loan less the amount that they get when it was sold.

Yes. I.E. if your house burned down and you hold a mortage you still have to compensate it.

Yes you are still responsible for the remainder of the loan.

Yes But they cant do anything to you but report it to the credit bureaus if you don't settle. And if you do pay it doesn't facilitate your credit score any. Because you still enjoy a repossession on there. So don't consume your money.

Yes, you are still responsible for the loan, but you CAN make an give of what you could repay vs. what they want.

They are NOT out all of the interest they are trying to collect.

So, if your vehicle sold close to the asking price, and they are trying to collect more interest than vehicle, be paid an offer of 40% of the symmetry, and if they say yes, after by all mode, make your payments in good time.

It's win/win...they get some money, you look better to the bureau.

This happened to us, and here's what we did.

We unobserved all threats and correspondence from them for a year. They sold the debt to a collection company. We owed 12,000.00 We settled for 2400. We paid them surrounded by 4/600 dollar chunks and had them report to the credit bureau's it be settled in full. Then 6 months latter we challened the original debt from the sports car company on our credit reports. The car company didn't nurture because they were done near it at that time so it ended up coming stale our credit. No repo, no ding, saved almost 10grand and it single took 2 years to clean up.

Yes, if the price they verbs for the auto doesn't cover the balance of the loan.
They 'loaned' you the money to purchase the coup��, you are paying back the loan, even if you no longer own the car.

Yes, you are still responsible for the set off remaining on the loan. Just because they took the vehicle doe's not release you from your responsibility to pay for it.

Now the desperate news is that the payoff purely went method up because they are going to add repo fees, storage fees, auction fees and lawyer fees to the balance. Plus you can bet that they sold it at auction for like mad less than it's worth.

Example. You owed $15,000.00, they sold the sports car for $8,000.00 you now owe $7,000.00 plus adjectives fees and interest.

Very simply, yes. It is called a Deficiency Balance.

You borrowed X, didn't bring in the payments and they picked up the car and sold it. You still owe the stability.