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It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.

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โˆ™ 2006-06-13 03:38:46
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Q: Can a car really get repossessed then auctioned for one cent and the owner be charged the balance?
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When a car is repoed and i get a letter where it is at do they have to notify me if they take it somewhere else?

They really do not have to notify you at all. The only notification at the end is the remaining balance that you owe once the vehicle has been auctioned off.

After a car has been repossessed and auctioned off what are the consumer's rights regarding payment of the negative balance owed after the vehicle is auctioned?

Very simple really,you have the right to pay it. If you don't pay it, the lender will likely seek a judgment against you. If successful, they will proceed with any other legal remedies available to collect. Those include garnishemnt of your wages, lien against other property you own, etc. You can make an offer to settle, they can refuse or settle. Last but not least, you can do the bankruptcy deal. Try your best to avoid this. It will haunt you for 7-10 yrs. Good Luck

Do you really have to pay the difference between the amount owed and the auctioned amount?


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"Statute of limitations for repossessed vehicles" doesn't make a lot of sense. If you're asking what the timeframe is to get it back... it varies depending on your location, but it's really, really short. Like, a few days in most places.

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Depends on the specific laws of where you live. In general, if the car you bought is being repossessed because you cannot pay for it any more, consider selling it to someone who can. You basically sell the car at a really low price, practically just below the amount the you already spent on it. The person who bought the car from you, then would have to continue paying for the remaining balance to the dealer from where you bought the car. This way, you're credit won't go bad.

How long after your car is repossessed do you have to pay what is owed?

It depends on which state you live in really. I lived in Louisiana and my car was in my mothers name she decided not to pay and it was repossessed well 11 years later they contacted me again and requested the money for the car. But that was in 1994.

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