Whatever the sale of the auction is the bank will take it and pay the cost for the auction and whatever the balance is will be applied to what is owed. So if your car sells for $9 thousand, and the cost is $1k to sell $8k is applied to the balance of the car. If you owe $12k minus $8k you will owe $4k.
Usually, they do not have to tell you what they are about to do to your vehicle. But, the procedure is is that they will sell your vehicle in an auction.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
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.
No, you must surrender the vehicle in the condition you received it in.
Depending on the context, someone is saying that they intend to sell. If a vehicle has been repossessed, for example, the lender can notify of an intent to sell, to recoup losses on the unpaid part of the loan.
It will most likely go to a wholesale auction where only licensed dealers are allowed to bid.
If you kept the repossessed vehicle, the lender could reposses it again and sell it. If this was just a contract to repay the debt, they could sue for money damages just like it was a promissory note.
Possession is 9/10th of the law. Not if the vehicle qualified to be listed in the bankruptcy filing. In which case no action pertaining to the vehicle can be taken until the bankruptcy proceedings are finished.
In Alabama, a person typically has 10 days to retrieve their vehicle after it has been repossessed. This period allows the owner to pay off the outstanding debt and any associated fees to reclaim the vehicle. After this timeframe, the lender may sell the vehicle at auction. It's advisable for the vehicle owner to contact the lender promptly to understand the specific terms and conditions surrounding the repossession.
If you cannot produce a "clean title", you cannot sell or trade the vehicle.
If you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.
Yes. The charge might be grand larceny depending upon the value of the vehicle, amount received for the parts and other extenuating circumstances.