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.
They are impounded until further action is taken
As a rule of thumb, you will owe the difference.
Bank or loan company who repossessed it.
Instead of having it forcibly repossessed, you call your finance company and tell them you're voluntarily having it repossessed. They may send a tow service to collect it, or they may ask you to take it to the repossessor. It'll be repossessed, auctioned off, and the amount they get from the auction will be deducted from the amount you owe. The finance company may offer a settlement at that point for an amount less than what you owe on that vehicle - that's up to the finance company.
yes they can...but it also depends on state laws too
The collateral you put up for the loan will be seized (which may be done by repossession, foreclosure, simple forfeiture of ownership.. all depends on what it is, exactly), and then auctioned off. You will still be liable for any remaining balance once the collateral is auctioned off. Creditors may use collection agencies or even the courts to collect that debt.
YES, read the contract you signed.
BAD news. They have already tried to let you make payments. This time they will want ALL of it.
It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.
READ your contract you signed. Call a local attorney for state specific legal advice.
Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.
You are responsible for the property during the foreclosure process up until the property is sold or auctioned.
Yes, if you own the car being auctioned, you get the proceeds of the sale, minus the auctioneer's commssion. No, if your car was repossessed and auctioned by the lender, it would be rare that the proceeds, minus the auctioneer's commission would exceed the amount you owed on the loan. However, if it did, you would get the remainder. On the other hand, if the auction doesn't cover your loan, then you could still be sued for the remaining payments.
No one is responsible. If the estate has run out of assets, the debtors are out of luck.
pay all owed monies and get the car before its auctioned ! only takes a few days before the car goes to the auction . they will the car fast even at at a loss!
They are cars that have been auctioned off
who gave the personal articalsof mahatma gandhi in the auctioned house to be auctioned in new york ? /
No. Tow charges and all applicable fees must be paid before the vehicle will be released. If the matter is not resolved in the time specified, the state's law may provide for the vehicle to be auctioned by the state or repossessed/sold by the lender and the borrower remaining responsible for all outstanding debt incurred including the loan agreement.
IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.