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If a car is repossessed and they sell the car how much can you owe?
Wiki User
∙ 13y ago
The difference between the sale price & loan balance is what they will bill you for.
Wiki User
∙ 13y ago
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Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
If you have a lease through GMAC and the car gets repossessed do you owe for the remaining payments or do you owe for the ACV of the car?
they sell the auto at an auction sell it to the highest bidder and you the remainder
If your car has been repossessed and you cannot pay what you owe should you let them sell it?
You have no choice.
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.
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.
You owe money on a repossessed car but the car was refinanced to someone else do you still owe?
I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.
Can your car get repossessed after bankruptcy?
not if you still owe money on it
Do i have to pay money back once a car is reposesed?
Yes you do. They repossess the car and then sell the car. You are responsible for the difference in what the car sells for and what you owe on the car. You will also pay any fees associated with the repossession. Let's say you owe $10,000 on the car and the sell the car for $8,000. You will then owe $2,000 plus repossession fees that can fund into as much as $500 or more depending on how much effort is required to find and repossess the car.
Can they repossessed the car if you just owe the last payment?
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
If the creditors repossessed a motorcycle and then DID NOT sell it at an auction do you still owe?
No you don't still owe; once the motorcycle has been repossessed, it is no longer your concern. Whether the creditor sells it or fails to sell it is the creditor's problem, not yours.
In Utah can your wages be garnished for a car that was repossessed?
You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.
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.
