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.
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/
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
Bank or loan company who repossessed it.
As a rule of thumb, you will owe the difference.
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
YES, read the contract you signed.
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.