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Can the bank put a lien on your home for the balance after the repossessed auto is sold at auction?
Wiki User
∙ 12y ago
YES, after they get a judgment for the amount still owing on the contract. That amount can be applied as a lien against other property you own.
Wiki User
∙ 12y ago
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The bank repossessed your motorcycle what will you still have to pay?
the bank will sell the motorcycle normally at auction what ever it sells for is taken of what is owed and you pay that balance if it makes more then is owed a refund is payed
Do you have to pay for a car if it is repossessed?
The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.
Does a repossessed car have to be sold at a public auction?
NO. It can be sold any way the bank wants it to be sold
My Car was repossessed what do I owe the bank?
They will auction the car and you will have to pay the difference of what you owe and what the car sold for.
How are funds distributed after sell of repossessed vehicle?
Whatever the sale of the auction is the bank will take it and pay the cost for the auction and whatever the balance is will be applied to what is owed. So if your car sells for $9 thousand, and the cost is $1k to sell $8k is applied to the balance of the car. If you owe $12k minus $8k you will owe $4k.
How can I buy Repossessed Cars from bank or title lender?
These entities regularly auction off repossessed cars. Places and times vary by bank and region, so call the banks in your area to get started.
When you vehicle is reposed are you financially responsible to pay the bank anything?
When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.
How can you find out where a bank will sell your repossessed vehicle?
It will most likely go to a wholesale auction where only licensed dealers are allowed to bid.
If you are self-employed and your car gets repossessed how does the bank take action?
The matter is the repo, not your employment. If your car is taken they will auction it off for what they can get and you will be held legally responsible for the balance. Regardless of the amount. Self employed or not. Yes, it is much harder for them to collect from you if you are self employed.
What if the bank sells your repossessed car for more than you owe?
your auto loan gets paid off and whatever is left over goes to the bank
Do you still owe the bank when a car gets repossessed?
Usually, yes. The bank will dispose of the car (often by auction) and then come to you for whatever they lost and all fees associated with the repossession and sale.
Is it legal to auction a repossessed car after the bank has been paid in full?
certainly NOT, IF you AND the bank agree that it is paid in full. It appears the bank doesnt agree with that part. Call a local attorney for state specific advice.
