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Can the loan co. who repossessed car tack on interest after car is sold at auction?
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∙ 16y ago
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∙ 16y ago
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What happens to title loan cars when they are repossessed?
They are sent to an auction and sold.
In New Jersey does the borrower have to pay any loan deficit after a repossessed car is sold at auction?
Yes.
If your car is repossessed do you still have to pay for it?
The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.
Do you have to pay the whole vehicle off if it is repossessed?
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
If you owe more than the car is worth what happens if it gets repossessed?
The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.
Does a repossessed car have to be sold at a public auction?
NO. It can be sold any way the bank wants it to be sold
If the creditors repossessed a car and then sold it at an auction can you be made to pay for the rest of the money that they didnt get out of the auction?
Yes, you will have to pay the deficiency plus repossession fees. Your obligation was the balance on the loan no matter what the car actually sold for. If you do not pay they will sue you and you will loose in court.
Can you get sued for the balance of your car loan after the car is repossessed and sold?
Yes.
Are repossessed vehicles sold at an auto auction?
Yes some repossessed vechicles are sold in auctions. There are some that the banks own, but they try to recover their moneys lost as soon as possible.
Is the consumer liable for the balance of the loan on a repossessed motorcycle in the state of CA?
The vehicle will be sold at fair market value and the proceeds will go to pay off the secured loan. If the auction price does not cover the amount of the loan plus fees - then yes, the balance would be due from the consumer.
My Car was repossessed what do I owe the bank?
They will auction the car and you will have to pay the difference of what you owe and what the car sold for.
If your truck is repossessed can you still be sued?
When a vehicle is repossessed by the lender it is sold at a public auction for as near the fair market value as is possible. The amount the vehicle is sold for is deducted from the balance of the loan and the borrower is responsible for the repayment of that amount plus any interest and additional fees. If the borrower is unable to make a payment agreement with the lender, the lender does have the option of suing for the amount owed and legal costs. It isn't possible to give a definite answer on if the lender will or will not sue the borrower for the debt.
