the bank will sell the motorcycle normally at auction what ever it sells for is taken of what is owed and you pay that balance if it makes more then is owed a refund is payed
They will auction the car and you will have to pay the difference of what you owe and what the car sold for.
The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.
NO. It can be sold any way the bank wants it to be sold
These entities regularly auction off repossessed cars. Places and times vary by bank and region, so call the banks in your area to get started.
Whatever the sale of the auction is the bank will take it and pay the cost for the auction and whatever the balance is will be applied to what is owed. So if your car sells for $9 thousand, and the cost is $1k to sell $8k is applied to the balance of the car. If you owe $12k minus $8k you will owe $4k.
When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.
It will most likely go to a wholesale auction where only licensed dealers are allowed to bid.
your auto loan gets paid off and whatever is left over goes to the bank
certainly NOT, IF you AND the bank agree that it is paid in full. It appears the bank doesnt agree with that part. Call a local attorney for state specific advice.
Usually, yes. The bank will dispose of the car (often by auction) and then come to you for whatever they lost and all fees associated with the repossession and sale.
The matter is the repo, not your employment. If your car is taken they will auction it off for what they can get and you will be held legally responsible for the balance. Regardless of the amount. Self employed or not. Yes, it is much harder for them to collect from you if you are self employed.
I heard if you surrender your car back to the bank the loan is from, they will auction the car to get money back, if they DONT get the whole amount of what you OWE on the car... They will bill you the balance.T
One could search for repossessed cars for sale online at the websites provided by the companies Repo Direct, Auto Bid Master, Repos 4 Sale, Cars for Sale, Bank Repossessed cars and Repossessed Cars Sale.
Buying a repossessed car today can be a great way to save money, but be careful to inspect the car to be sure there are no hidden problems since they are typically sold "as is". Some dealers specialize in repossessed cars and you can also find them at a local auction.
The bank will put up the house for auction and recover the money loaned to you. Residual balance of the liability, if any, standing against your name post auction will be returned to you.
The bank will take your car and resell it at an auction. Any difference between the loan and the auction amount must be paid by you. In some states (check with an attorney), your car is the full payment and you owe nothing in the end if your bank takes it.
Many banks will have a list of repossessed vehicles at their branch offices. They may also have a list of these vehicles on their website. Some banks auction off cars that are repossessed and they wind up at used car lots.
The LENDER. Lenders tend to have deals with auction companies. ALL repo'd cars go to auction, most of which are dealer only. You should be able to ask your bank where it went, then call that auction to see if it public or dealer only.
Yes, they also have to send you official letter from auction at the price they sold it to deduct from the amount you own to the bank.
Unless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.
If you keep on missing payments on your auto loan, there is a high chance that the vehicle may be repossessed by the bank.
YES, its an accounting thing. READ your contract.
It depends on what state you are in that you chose NOT to post. Not sure I understand reply. I co-signed loan with ex, whom lives in other state now. Car was reposessed in that state and I was not notified by ex. I did not know car was sold at auction since bank sent me its notice of intent to sell to an out-to-date address ( I found this out after contacting bank upon learning of repo). I can prove the bank had a current address on me. Can I fight the deliquency balance since bank knowingly sent notice to wrong address.
In Canada the answer is yes if it is repossessed by a bank (or credit institution). Any car that is re-possessed by a bank or credit company has to be put up for auction. You can always get your vehicle back if you pay whatever arrears you owe the bank as well as the the fees that the bank had to pay to the repo company before it is sent to the auction house. However, you do need to act quickly. I have never heard of anyone getting their vehicle back once it is up for auction (and in Canada the auction companies used by banks are only open to car dealers).