If a company repossesed a motorcycle, and resold it, can they still come after you for the bill?
Answers:
Sure, if there was a balance after the bikes were sold, you are responsible for the remaining of it. It is standard verbage on all of the contracts whenever you finance anything.
Hope that I've helped.
yep, you are still responsibble for the out standing ballance.
If they did not recover the balance due from you in the resale of it, yes they can come after you for the remainder. The debt is still yours.
I always thought that once the item was reposessed it was over with and you didn't have to make payments anymore.
yes they can. they will come after you for the difference in what was still owed on the motorcycles and what they were able to sell them for.
Yes. Sale can leave a deficency balance as well as all costs associated with the sale.
Yes, your responsible for the difference they loose on the cost.
Yes they need the difference from what it sold for and what was owed. If she can proves somehow that he was the purchaser then take it to court and file a lawsuit or judgement on him.
they can come after you for the difference between what you owed and what they sold it for.
Yes they can, they can come after you for the difference of what they sold it for vs what you owed.
Repossession doesn't get you off the hook payment wise.
Yes she is liable for the differences between what the total debt was, compared to what they were sold for. Ex: bought for 20,000, sold for 10,000. Total debt still owded 10,000
If they sold it for less than what you owed the bank they can come after you for the difference.
yes, the unpaid balance, if you bought the bike for 5k and paid2k in payments the balance is still 3k. when they repo and sell it they will take the highest bidder say it was 1500.00 that means you still owe 1500.00...
sorry but the answer is yes
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need to get paper work on the repo sale, if they sold for less than you owe, then you have to cover the balance. the loan company ie the bank will have record of the sale, and if you owe a balance, they will try to get full amont from you, it up to you to get paper work on the repo sale and see what they sold for, they could have sold bike for more than your balance, if that the case you can make the bank split the proffit with you.
yes they can..she is still legeally responsible for the remaining balnce..alot of these places that repo sell them at action for highest bidder.now if there was some sort of written agreement with her laywer during her divorce that she not legeally responsible for these debts sometimes the company will be willing to work with her on this..but rule of thumb is..if your name is on the financing you are responsile for it.worst case scenerio ask the company to assign her a payment schdule..
Yes they can - the sale may not have covered the entire balance of the bill - your mom is responsible for the amount owed.
Once she pays it she can bring a lawsuit against her ex-husband for repayment but I doubt she needs the extra stress. Unfortunately, she will probably have to pay the company and chalk it up to life experience.
I wish you and your mom the best!!
Any difference between what you owe on your loan and what your creditor gets for reselling the vehicle is a "deficiency."
In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a "deficiency judgment" to collect the loan balance.
Yes, example; Motorcycle $5500.00 when repossessed. Sold at auction for $3500.00 leaving a balance of $2000.00. This the amount the person is responsible for. Plus any other cost in-cured to retrieve the vehicle.
They are supposed to resell the car and use whatever money comes from that to pay off the mororcycle. If there is a remaining balance they can come after you for it.
Sure. She's responsable for the difference between what was owed and what they sold it for. Make sure to get everything in writing. No sense letting them rip you off for more money than owed.
Now, if he bought it on her credit without her permission, and his name was not on the card or loan then that might be an enitrely different story. It would have to be proven though. That's identity theft.
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