Jet Ski Loan

I was watching on TV and thought I was wondering if you have taken your car, but say the cost of $ 10,000 and you paid a deposit of $ 7,000 and financed the rest, would you have something to the deposit that you paid after taking it. I know that you could probably pay installments and recover, but I mean if you lost your job and could not pay more. So what about a mortgage. If your house is guaranteed and you paid 90% and could not make payments more you receive nothing in return?

You will find everything they sell for less than what you owe on it after repurchase.

So say you bought a car, set to 3.000 and make payments and you only had $ 2,000 left. Then they repo and they sell for 5000. Subtract 2000 from 5000 plus all costs repo (perhaps as another 1000) and you get 2000 back. However, this almost never happens. There is never enough equity in a car and in fact it works usually like this. You buy the car for 10k with 3k down and now you have 7k. Bank Pension and it sells for 5k. then they send you an invoice for another 2k Thats how it often works.

No.

And for non-trading house, there would be no more money. They sell assets and use that to pay and then sue you for the shortage.

On a house when it is locked, it is generally not repay the loan. In the rare cases where it does, after all costs, state law would determine whether the money would go to the original purchaser.

Your down payment is security for the lender. Usually there is enough equity in what you bought to cover the deposit, especially with a car or a personal object. With real estate, if you do not make your payments a foreclosure occurs. In this case, the property is sold to the highest bidder and used to repay the loan guaranteed. If there is no more money would be returned to the person in default and can be considered a partial return of the deposit.

You get diddly. Less than diddly, actually. Repo'd assets sold to pay the balance due, the PAC, collection costs, etc. Then they charge you the difference between what they have achieved for this large and what you had , plus all taxes, etc.

If you can not pay the balance of a car loan sell the vehicle before it goes to collections or repo and pay the balance of the loan. It's cheaper. Of course, if you rent, you can not sell - you're stuck for the rest anyway, they can bring it out of you.

If you are selling "a house to avoid foreclosure, you must pay tax on the amount" forgiven. "So, if you sell it short of $ 75K less than you owe, you pay taxes on income $ 75K.

This must be the stupidest question ever asked on y / a. If you default on a loan you still owe money why on earth do you get a refund of any kind?