HomeAre you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
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Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.
Repossessed cars are usually auctioned off in the county they were repoed in, you can also try this link to help find repossessed cars, http://ultracarfinder.com/
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.
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