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Yes. Usually the loan holder will be held responsible for any deficit and perhaps fees that are incurred when the car is sold.

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โˆ™ 2005-04-13 15:05:09
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Q: Can your car be sold if it was repossessed?
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Related questions

Can you get sued for the balance of your car loan after the car is repossessed and sold?

Yes.


What can you do if your car was repossessed but was not changed out of your name?

There is nothing you can do till the car is sold.


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


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

ASK the lender.


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.


Can the loan co. who repossessed car tack on interest after car is sold at auction?

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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.


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


Can you repossess a car which you sold to a friend with a written contract stating that if payments are not made as agreed car will be repossessed?

YES.


How can you find out if your repossessed car was sold?

The lender should let you know, you can contact them and they should tell you.


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 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.

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