Auto Loans and Financing
Repossession
Bank of America

Can the bank request the parts that were stripped from a car that is due to be repossessed?

171819

Top Answer
User Avatar
Wiki User
2011-09-12 16:02:40
2011-09-12 16:02:40

It is not clear whether the bank can or will request the parts that were stripped from a car. However, the condition of the car will affect the resale value. If the bank elects to recover the amount that you owe on the car, it must resell the car at fair-market value, which is often based upon the Kelley Blue Book. If the bank sells your car for more than your loan balance and the costs for the resale, then you would get the difference. If the bank sells your car for less than your loan balance, you would owe the difference plus costs. For instance, if you owe $15,000 and the stripped car only sells for $7,000, then you would owe $8,000 plus costs. This is called a deficiency judgment and is likely in most situations.1

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

Go to bank or other place that repossessed the truck. Pay cash for it etc

User Avatar

Banks often keep repossessed vehicles in their parking garages. or in an appropriate storage area a reasonable distance from the bank. Walk into the bank and ask for the person in-charge of repossessed vehicles. Once onto the right department, state that you wish to purchase a particular repossessed vehicle when the title has cleared with the bank...and don't be intimidated into thinking you can't bargain, you can. Good luck.

User Avatar

Yes but the bank will request a copy of the POA.

User Avatar

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.

User Avatar

Does the bank have your current address and/or phone number? They will be calling on you.

User Avatar

It is possible to work out a deal with the bank after it is repossessed. However, a new loan or legal agreement will have to be signed.

User Avatar

AFTERMARKET RIMS/STEREO AND ANY MODIFICATIONS GO WITH THE VEHICLE UNLESS YOU MAKE ARRANGEMNTS WITH THE BANK TO GET THEM BACK/REPLACE THEM WITH OEM PARTS

User Avatar

When a car is repossessed it usually means the owner is no longer able to make the payments. It is repossessed by the dealer or the bank in which to owner has the loan through.

User Avatar

Repossessed tractor trailers can be purchased from some tractor trailer dealers. If the rig was previously financed by a bank, the bank repossessing it will try to sell the tractor trailer to a dealer before selling it to the public.

User Avatar

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.

User Avatar

Maybe, if you have the original, but, it is ultimately up to the bank.

User Avatar

He had seven cars, but the bank repossessed five of them. He had a cookie, but someone ate it.

User Avatar

Yes you can make profit on the car if you buy it from the bank.

User Avatar

The bank/lending company are the ones who repo your car the repo chimps are just their agents.Your bank should tell you.

User Avatar

yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.

User Avatar

You need to visit the bank branch where you have the account and submit a request in writing to close the account. You would have to submit your ATM/Debit card and any unused checks before the bank accepts your request. The bank will process the request and pay you the money that is present in the account.

User Avatar

You need to visit the bank branch where you have the account and submit a request in writing to close the account. You would have to submit your ATM/Debit card and any unused checks before the bank accepts your request. The bank will process the request and pay you the money that is present in the account.

User Avatar

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.

User Avatar

The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.

User Avatar

NO. It can be sold any way the bank wants it to be sold

User Avatar

They will auction the car and you will have to pay the difference of what you owe and what the car sold for.

User Avatar

yes, if it's being repossessed, it is the banks property.

User Avatar

They do not have to notify you. You have no legal rights regarding car.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.