0
Can a dealer that sold you the car buy it back from the bank and make you responsible for the balance if if the dealer has not re-sold?
Wiki User
∙ 8y ago
The dealer's been paid... that's the point of financing a vehicle. The dealer doesn't release the vehicle until they get theirs... the finance company gives them theirs, and holds onto the title until you repay them that amount plus interest. The only dealerships which would have any stake in you would be the "buy here, pay here" kind, which wouldn't be dealing with a bank if that were the case with one of those dealerships.
When a car gets repossessed, it'll go to auction (or it is possible for it to be directly sold, such as in the case you describe above). You will owe THE BANK the difference between what you owed them previously plus fees (repossession and storage fees, auction fees, etc.) minus what they raked in from the resale of that vehicle.
If the dealership buys the vehicle back from the bank after it's been repossessed, they have no stake in you - they were paid for that vehicle in full when you financed it. They're buying it back at their own risk.
Wiki User
∙ 8y ago
Wiki User
∙ 8y agoThat is how repossession works. And you are not off the hook for the balance even if they do resell it.
Add your answer:
Earn +20 pts
Can a dealership put a car they repossessed back on the lot for resale?
Yes. The dealer might have to go through a proceeding to clear the title, but ultimately the car will probably be resold.
When you give a car back to the bank will you still be held responsible for the balance of the loan?
Yes.
Once you have a signed contract from a dealer can the dealer go back on his word?
Once you and the dealer have signed the contract, it is a binding contract agreement and it responsible by law. You can take him to court if he doesn't keep his part of the agreement.
What happens when lease cannot be paid back?
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
Can you get your money back from a used car dealer after the deal is made?
If you have a complaint with a used vehical first talk to the dealer. I still unsatified go to citizens advice and speak to the rectum. The dealer is only responsible if he suplied the car.
If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?
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.
What happens to cars after they have been repossessed?
They get resold as used cars to make some of the money back.
Once the bank sells the car you are responsible for the balance due can the bank put a lien on your home if you don't pay that back?
ONLY after getting a judgment for the balance due can the lender persue any other legal options.
If you trade in a car to a dealer and they later find a mechanical problem can they come back to you?
Not unless you knew about the problem and lied to them. Otherwise they took the car in on trade, "As Is" and can't hold you responsible.
What are re-marked chips?
In "A+ Guide to Hardware" by Jean Andrews it states that, They have been used, returned to the factory remarked and resold back to retailers.
Can you return a used car to dealer?
It depends on the reason you are returning it and how you purchased it, and if you want money back or not. If you bought it AS-IS no warranty and something went wrong with it, legally the dealer is not responsible, and does not have to refund any money.
You just filed chapter 7 bankruptcy you told them you did not want to keep your car so after you give it back will you be responsible for the remaining balance if it doesnt sell for how much you owe o?
If it was a part of the bankruptcy process, no, you aren't responsible. But it has to be specifically spelled out in the petition.
