Monday, April 22, 2013

Vehicle Repossession | Consumer Information

Vehicle Repossession | Consumer Information:

'via Blog this'


Seizing the Vehicle

Selling the Vehicle

Personal Property in the Vehicle

Paying the Deficiency

Any difference between what you owe on your contract (plus certain expenses) and what your creditor gets for reselling the vehicle is called a “deficiency.” For example, if you owe $10,000 on the car and your creditor sells it for $7,500, the deficiency is $2,500 plus any other fees you owe under the contract. Those might include fees related to the repossession and early termination of your lease or early payoff of your financing. In most states, your creditor is allowed to sue you for a deficiency judgment to collect the remaining amount owed as long as it followed the proper procedures for repossession and sale. Similarly, your creditor must pay you if there are surplus funds after the sale proceeds are applied to the outstanding contract obligation and related expenses, but this situation is less common.

Electronic Disabling Devices

Talking with Your Creditor or Lessor

For More Information


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