Auto Loans and Financing
Repossession
Used Car Buying

If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?

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2006-04-07 16:22:04
2006-04-07 16:22:04

Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.

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Related Questions


You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.

then you still owe on it. you (as the debtor) are responsible for any remaining balance. when you don't pay that, you'll end up with a judgement and wage garnishment.

If you don't pay the balance of the loan after repossession, the lender can take you to court for the remaining balance or they can charge it off. Neither is a good thing, so it is best to pay the remaining balance as soon as possible. ___________________________________________________ Most vehicles that have been repossessed are sold at auction. When this occurs, you are responsible for any balance that remains less the monies collected from the sale. If a balance remains and you fail to pay it then the creditor or lending agency can sue for the balance due plus legal fees.

The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.

Once the vehicle is auctioned off and sold there is usually a remaining balance left to pay. You will start receiving collection notices about the remaining balance. This is when you will want to prepare yourself to negotiate a settlement.

The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.

Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no

No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.

Yes, he or she would be equally responsible for the repayment of the loan balance.

yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.

When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.

The primary borrower is responsible for this debt, but if they do not make arrangements to pay the remaining balance of this debt (once its auctioned off) then you will be fully responsible for the remaining balance.

"remaining balance" as in what you are behind OR the remaining balance due on the loan??

yes, unless they get the balance owed. If not they will sue for the remaining balance between what is owed and what they get from the resale.

Read your contract. In 99% of the repos , YES, you still owe the balance due.

Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.

Once they repo the car, the lender will sell the car for whatever it will bring. You will then be responsible for the difference in what the car brings and the balance on the note. You may even be responsible for repossession fees, and your credit will be ruined for 7 years.

They will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact the lender and work something out.


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