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Does a bank or finance company have to tell you how much your repossessed car was sold for?

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2015-07-15 18:20:16
2015-07-15 18:20:16

Susan, what state are you in?? Who was the lender?? Laws vary by state. Email if you need too. Thanks
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No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.

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It depends on what you mean. Do you mean from someone (a third party) who purchased your car from the finance company after the finance company repossessed it from you? If so, there's not really too much you can do other than find the person and make them and offer.

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Talk to your bank or finance company, it'll vary dramatically depending on your terms and credit rating :/

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Usually you will get a sale letter from the finance company or bank letting you know where the car will be sold, at what auction, and once it is over they will send you a letter of how much the car sold for and the remainder they will send you a bill for. This is concerning a public auction of your vehicle. If it was sold privately by the dealership or whomever, the only thing to do is call and ask.

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If your payments are current, they're not coming to repossess your car. Trust me, the finance company would much rather have your money than your collateral (i.e., the car).


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