Roger Vadim
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yes, and they do it too! its really bad if the loan is still upside down! |
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Tifferz
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Absolutely, you signed a contract for a certain amount. They will sell the car, and you are responsible for the remainder, plus you will have a reposession on your credit record. |
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Excel
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You will pay the difference between what you owed and what the car was sold for. Answer = Yes. |
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Ben Dover
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yes, you are responsible for the remaining balance. |
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Diamond in the Rough
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Yes they will they still want the balance on the car...after they sell it (the difference) |
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YA is a sham
 |
Yes they can and probably will. |
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rera1397
 |
You are still responsible for the balance....My dad's girlfriend did this, they sold the car for super cheap, and now she is paying $650 for a car she doesn't even have! |
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cargrl
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Don't voluntarily return car that will be a repo on your credit report.
Try to sell it or trade it in for a lower payment.
And yes they have total right to come after you for the remainder of the balance. |
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DontHateMeCauzImBeeUteeFull
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yes
(in my state@least) |
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vlamb513
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yes, they will sue you for whatever they didn't get from the next buyer |
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fred10002003
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yes, absolutely, first of all finance company have certain people readily available to purchase such cars at knockdown prices( i know, in 1997 i bought a BMW 5 series of such a company, it was a 1995 plate with 21 k on the clock fully loaded and it cost me just 3 grand) the finance people don;t care as any shortfall is just a simple administrative procedure to get it back from the lessor ( that is you) and everybody else don't care ( i am bailiff so stuff like this is my wage package , if you know what mean. |
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Mosez
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Yes they certainly can, if you signed 4 hire purchase, you are obligated to pay the full amount. Unless you have paid a majority of the payments & the balance is same as the value of the car your ok but sell it privately and payout the balance. In some states there is a cooling off period like 7 days, then your obligation to pay is cancelled good luck. |
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Anna Z
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from personal experience the answer is yes, they will sell the car for what they can get and then deduct that from what you owe, (unless they get more for the car than you owe) and you will owe the difference. |
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otherworldtrader@yahoo.com
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They not only can sue you for the balance they can delibertely sel th ecar for les than owed to themselves or aquantences for resale in their favor and lay a much large bill on you.
The law sides with finance companies and in their favor.
If they volunterry taske the car back and agree in writing to not pursue you any futher for the money than you are clear.
Somes times in something like thisSeveral things can happen: The loan (or any debt) the finance company or collector will offer to settle for less to resolve the account. They than add other charges such as late charges to the bill first and write the unpaid balance off on their taxes. YOU could get a tax bil from the IRS on the difference as they can consider it Income. It rarely happens but doe saccasionally. After settling with you the finance company than sells the balance of the debt to a credit hustler or collector for pennies on the dollar and eventually you have ot pay anyway.(more and more they are lawyers with huge staffs collecting money like this.) |
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Decoy Duck
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I don't know if they can sue you or not, but they will make it very clear to you that you are responsible for the balance due on the loan after the car is sold. You did sign a contract promising to repay a certain amount. No matter what your financial circumstances are at this point, you remain liable. The best way to approach your creditor is to meet with them to make an affordable repayment plan that will not affect your credit rating. Good luck and remember: communicate with the creditor. |
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rkkmartin
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if the car sells for less than the balance you owe against the car..................................... you can bet your no payin butt they can. but dont worry the rest of us that do pay will make up the differance with higher prices and higher interest rates. just walk away and dont look back. |
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Paul P
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Yes, definitely |
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httnmrtt
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That depends upon what your state laws have to say. All but one of the 50 United States are based on English Common Law. Louisiana is based on Napoleonic Code. You signed a contract for a loan, to repay a set amount of money using the cart as collateral. You can be liable for the difference of the resale price and the balance of the loan. |
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andy
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There is no such thing as a voluntarily return when it comes to returning vehicles. All states allow for the financial company to be compensated for the money that they loaned out to a person. When I was in the Navy, they kept pounding it into our heads to make sure that we made smart purchases when it came to vehicles and other large ticket items to be able to pay for it. |
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kim b
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NO! |
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