answersLogoWhite
Ask
Cars & Vehicles
Repossession
Used Car Buying

Can the owner get money back when a repossessed car is sold?

100101102
Answer

Top Answer
User Avatar
Wiki User
2015-07-15 21:28:25
2015-07-15 21:28:25

If they actually make money on the sell of the car, YES. But the odds of them selling it for enough to cover all of their costs and have something left over is slim to none.

1
0

Related Questions

User Avatar

The motor home is sold and the money received from that is used to pay the difference. Any money left over will be returned t the owner.

User Avatar

It would go to a car auction and sold on to a new owner and may be sold for a price much less than it is worth

User Avatar

This depends on what state the property is located in. Generally, after the loans and all other costs associated with liquidating the property are paid for by the home auction, if there is any money left, it does go to the owner. But you need to check the laws for your specific state.

User Avatar

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.

User Avatar

A repossessed vehicle is sold at auction to repay the lending institution. After the vehicle is sold, any money will be used first to pay the auction company, the repo agency and then all remaining funds will be applied toward the amount due on the loan. If anything is left over, you should get it. If there is a deficit, the bank will contact you to make arrangements for collection of the amount owed. You typically don't get any money "back", but usually end up owing the bank.


Copyright © 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.