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| *Vultures Knob>>>Bicycle Shop |
Reprocess vehicles law? |
I have 1 bike that is being tow back by the motor shop after i fail to pay my motor installment for 3 month and the inspection and insurance is going to be due on 31/05/07 so wondering what should i do if i don intend to want back the motor, will i need to pay any thing or will I be charge? Please advise. They'll sell it at auction, and subtract the repo fees from what they get. Then they send the check to the loan company, against your payoff. If it pays off the loan, great - they'll send you any leftover. If it doesn't, the loan company will sue you to pay the difference. I wouldn't bother paying inspection or insurance on this. And I'd find out what payoff is for the bike. Figure that at auction, it will sell for about 30% of book value - and repo fees are probably around $1200. Then just do the math. Source(s): agent, 21+ years If the bike has been removed from your ownership you do not own it anymore. If you make good on the payments then the insurance etc must be paid by you. Depending on the state it can be sold on the open market after so many days. Be assured that it will be placed on your credit report anyway you settle the problem. The company will sell it for as little as they can, and charge you the difference since they're losing money. |
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