Cars & Vehicles
Repossession
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Can your car be sold if it was repossessed?

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2005-04-13 15:05:09
2005-04-13 15:05:09

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

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

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.

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

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.

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

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.

Repossessed cars are generally sold at auctions, so look out for car auctions in the local press. Make sure that you ask for a catalogue before the auction and do some research before you go to bid.

Will, that's usually the case. Then you pay the difference owed.

The LENDER keeps such records and will share them with you ultimately.

It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.

if i get my car repossessed, can they put a llien on the house?

Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.

No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.

No, but your car can be repossessed if you don't make the payments.

When your car is repossessed, what you will get will depend on your local governmental regulations. When I was in a car wreck, I was able to go by the junk yard and get my tool kit out of my car.

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

In the state of Nevada, if you do not make payments on a car you are buying, it can be repossessed with no notice given to you. Once repossessed, you will still be liable for all further payments even if the car is sold at auction to another buyer.

if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed

IF the lender obtained a judgment for the balance due, YES.

When a vehicle is repossessed, it will eventually be sold at auction. Occassionally, the amount received from the sale is greater than the balance owed. On these occassions, the excess is sent to the debtor.

When a car has been repossessed the person paying the insurance should cancel it.


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