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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.

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โˆ™ 2015-07-15 21:28:25
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Q: Can the owner get money back when a repossessed car is sold?
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Related Questions

If your motor home is repossessed and you can't pay the difference what happens?

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.

Who owns the car after it is repossessed?

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

Do I get any capital back when a repossessed house is sold?

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.

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.

How do you get a repossed vehicle back?

If your car is repossessed and you want to get it back, you can contact the finance company and clear any outstanding payments. They may agree to return your vehicle to you if they have not already sold it but be warned that lenders try and sell repossessed vehicles as quickly as possible to try and recoup funds. The finance companies often sell the repossessed vehicles at a car auction. Here they can be sold "as seen" and at a lower price than market value, thus they can be sold quickly. It is often possible to find out which auction your car is being sold at and you can get your repossessed vehicle back yourself by attending the car auction and bidding.

How do you get your money back if your car gets repossessed?

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.

Can you get a car back after it has been repossessed and sold?

The only way to get it back would be if it were up for sale and you bought it. Once it's legally sold, it becomes the property of the new buyer.

Does a lien on property mean it has to be sold in tn?

A lien on a property usually means that when the property is sold, the lien holder gets his money before the owner gets a penny. Back taxes get paid first, then liens get paid, and finally the owner.

Who is the owner of raw?

Vince McMahon is the new owner of Raw,Donald Trump sold it back to him

What are your rights in Washington State after your vehicle has been repossessed?

Pay for the car and get it back, or pay the deficiency after it has been sold.

What happens when a horse auction ends on does it go back to the owner?

if the horse has been sold, the money will be given to the seller and the horse will be transferred to the buyer's account.if it has not been sold it will return to the seller.

What happens if you car is repossessed and you don't work or have any property?

If you don't work, you have no money. If you have no money, you can't get your car back. It will be sold at auction and you will be responsible for paying the difference of what it sells for and what you owe. If it sells for MORE than what you owe, you should get a check for the difference.

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

Can you get your cat back if you have sold it?

No, you have sold you cat and it is no longer yours. Unless whoever you sold it to offers it back (you will probably have to give them back their money if this happens) then you can not get your cat back.

Can a car really get repossessed then auctioned for one cent and the owner be charged the balance?

It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.

Is the owner and founder of a corporation one in the same?

No. A founder, found the company. (or started it.) This would never change. An owner, owns the company. A founder could be an owner if he started the company with his own money. If the founder started the company with someone elses money he is not the owner. If the company is sold to a new owner. The new owner would not become the founder. That is unless you sold it to the person that was already the founder.

How might one purchase a bank repossessed car?

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.

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.

How do you find out what price your repossessed car was sold for?

ASK the lender.

I Bought a car and left it with owner for 2 years i went to pick up the car and she sold it and won't give my back money?

You tell her to give you your money or threaten to call the police. If that doesn't work, call the police.

Oblivion How can you buy back items you sold?

Get enough money to buy it back

Can a company buy back its assets after bankruptcy?

Sold is if the new owner wants to sell, sure..ut there is no right to.

After 8 years after your car was repo you are being sued i did not receive a letter after repo?

Did you borrow the money and sign a contract to repay the loan? Did you have your car repossessed because you failed to make your payments? They repossessed your car and sold it, and you owe the difference in what the car sold for and the balance on the loan. What difference does a letter or 8 years make. Be an honorable honest person. Pay them their money. Legally you may get out of paying but morally you owe them the money you borrowed.

What happens if your repossession house is sold for more than you owe?

If your house is repossessed and is sold for more than you owe, you are supposed to get the extra, less the costs of the sale and perhaps also costs that the back incurred.

Why was Babe Ruth sold to the New York Yankees?

The owner of the Boston Red Sox needed the money.