reposesed car

[snowman45106]

What is the name of your state?az
If I allow my car to be repossesed by the bank because I cannot make payments on it and the bank sells it at an auction do I have to pay in time the balance or do I have to pay it in full.

 

[PayrollHRGuy]

What is the name of your state?az
If I allow my car to be repossesed by the bank because I cannot make payments on it and the bank sells it at an auction do I have to pay in time the balance or do I have to pay it in full.

You will owe for it in full as soon as they tell you the amount you owe.

 

[Zigner]

What is the name of your state?az
If I allow my car to be repossesed by the bank because I cannot make payments on it and the bank sells it at an auction do I have to pay in time the balance or do I have to pay it in full.

They will expect it to be paid in full. You may be able to make arrangements with them, but you have to remember that you don't have the best track record with making payments in their eyes.

 

[quincy]

What is the name of your state?az
If I allow my car to be repossesed by the bank because I cannot make payments on it and the bank sells it at an auction do I have to pay in time the balance or do I have to pay it in full.

You will be responsible for paying any amount still owing after the sale. Read your contract.

 

[Zigner]

You will be responsible for paying any amount still owing after the sale. Read your contract.

The OP's question is more related to the timing of the balance payment.

 

[quincy]

The OP's question is more related to the timing of the balance payment.

Ah. I can see that now. It will be up to the lender how to collect.

 

[PayrollHRGuy]

As a little additional help to the OP.
@snowman45106

You should be aware that you will owe more than THE BALANCE minus THE ACTION SALE PRICE. They will attach on several additional charges and interest.

 

[zddoodah]

What is the name of your state?az
If I allow my car to be repossesed by the bank because I cannot make payments on it and the bank sells it at an auction do I have to pay in time the balance or do I have to pay it in full.

If your car is repossessed and sold at auction, you will owe the lender the following:

The balance of the loan at the time of repossession (including any accrued interest and late fees).
Plus the costs associated with repossession.
Plus the costs of storing the car pending auction.
Plus the costs associated with the auction.
Less whatever the car sells for at auction.

Once the auction is completed, you will immediately owe 100% of those amounts. Whether the lender will then allow you (a person who already defaulted on a loan) to make payments is something that no one here can predict.

 

[Litigator22]

What is the name of your state?az
If I allow my car to be repossesed [sic] by the bank because I cannot make payments on it and the bank sells it at an auction do I have to pay in time the balance or do I have to pay it in full.

How about we do away with this business of what you have to do (I don't like it much) and simply say that you would become legally obligated to pay any deficiency resulting from a repossession and sale of the vehicle. (Provided of course that it is sold in a commercially reasonable manner - meaning somewhere near fair market value.)

Any arrangements for a deferred payment of that obligation would be optional with the lender. For more details go here:

https://itstillruns.com/vehicle-repossession-laws-arizona-6301306.html

 

[PayrollHRGuy]

How about we do away with this business...

Pretty much what I told the OP several hours ago.

 

[Litigator22]

Pretty much what I told the OP several hours ago./QUOTE]

You might consider consulting a podiatrist about your overly sensitive toes!

 

[Zigner]

Pretty much what I told the OP several hours ago.

Yep, Lit provided a good summary of what had already been explained to the OP.

 

[PayrollHRGuy]

Yep, Lit provided a good summary of what had already been explained to the OP.

I don't think Lit even reads the other responses. Because the only place I can find that the OP was told what he should do is when Quincy told him to read his contract.

 

[quincy]

I don't think Lit even reads the other responses. Because the only place I can find that the OP was told what he should do is when Quincy told him to read his contract.

I believe Litigator was referring to snowman’s “do I have to” questions.

 

[Zigner]

I don't think Lit even reads the other responses. Because the only place I can find that the OP was told what he should do is when Quincy told him to read his contract.

The OP used the phrase "have to"...