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Repossession

How long does the bank have to sell your car after repossession?

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2015-07-15 19:41:23
2015-07-15 19:41:23

The lender has to sell it in a "commercially reasonable manner". they may be waiting for a better season to sell it, prices vary by season. this might be in your best interest and it might not. Call a local attorney for state/case specific advise,

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Of course, call your bank and pay them what you owe and they will let you have it back as long as you have not waited so long that they have sold it to someone else.

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A repossession on your credit is NOT GOOD. Avoid it if there's anyway possible. You say the car is SOLELY in your name?? GO GET IT and sell it.

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Unfortunately yes what the bank or creditor will do is sell the car most likely at auction for "X" amount. you end up liable for the difference between what they sell it for and the remaining balance of the loan.

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The repossession process of a car usually takes about 6 months


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