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How can a bank charge you for a full amount on car loan and they resold the car?
Wiki User
∙ 12y ago
The rules in most places are:
- A repossessed car will be resold
- There will be fees assessed for repossession, cleaning, repair, transfer of title and resale
- Any overage between the sale price, fees loan amount etc will be paid to the person financing the car.
- If the car does not sell for enough to cover all the fees and Loan then the you are responsible for the remainder,
They can and will make you pay for the entire amount of the loan and any other costs they can legally apply.
If you are very lucky they may just pursue you to pay the loan amount rather than sue for the extra fees that are outstanding.
Wiki User
∙ 12y ago
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