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Does the bank have to tell you how much they got for your car at auction?
Wiki User
∙ 12y ago
Yes, and if they got more than you still owed, they have to credit you for the difference.
Wiki User
∙ 12y ago
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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.
What happens to the car after repossession?
The bank sells your car at an auction lot for about half the price you paid for it.
When you vehicle is reposed are you financially responsible to pay the bank anything?
When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.
Does a finance company have to auction a repossed car in Florida?
Yes, a finance company or a bank is required to send the vehicle to an auction to dispose of it.
What is the status of bank repossessed cars?
If a bank was to repossess a car then your car would be put up for auction. You may get the car back at any time before the auction by making the lost repayments up. Many people wait till the auction and buy the car back at a very low price according to one of the websites on the internet. This way they pay less than the repayments were costing and have got their car back.
Do you have to pay for a car if it is repossessed?
The bank will sell yours at auction. Whatever they do not recoup, you owe 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
What information will an auction house provide to bidders at a used car auction?
They will usually tell you the mileage of the car and the year of the car and what is wrong with car. They do not go into a lot of detail but they can let you know enough to determine if you want to bid on it or not.
Do you still owe the bank when a car gets repossessed?
Usually, yes. The bank will dispose of the car (often by auction) and then come to you for whatever they lost and all fees associated with the repossession and sale.
Once your car has been repossessed and sold in Ohio how can you find out how much it was sold for?
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.
When your vehicle is repossessed do you have to pay any monies still owed?
The bank will take your car and resell it at an auction. Any difference between the loan and the auction amount must be paid by you. In some states (check with an attorney), your car is the full payment and you owe nothing in the end if your bank takes it.
Is there any reason that the bank that is trying to repossess your car would contact a car auction to come to your place of residence?
Car auctions SELL repos for lenders and also pick them up from debtors. Is there any reason for a bank to "TRY" to repo a car??
