If you car is repossessed in Tennessee can they still collect any deficiency?

Answer 1

The first answer was pretty staright and to the point, but I feel you need to have a little more info. You need to call the Tennesee Department of Banking and ask them. You do have to pay a deficiency but they can tell you what the lienholder has a legal right to collect. There is a better answer lurking in your collection of paperwork for the loan. THE CONTRACT. You already agreed to certain fees, ect. being added to any balance due should repossession occur. You see, this is NOT the lenders first rodeo. Nor are you the first to be repoed. This process has been tempered and refined for about 60 years. Most states are the same as to what can and cant happen in the process. If one state became toooo PC or in favor of the debtor, the lenders would naturally tend to avoid lending in that state. Point blank, you could owe any or all of the following that remains after the resale of the vehicle:

* The unpaid, outstanding balance of the principle. * Late fees accrued on the account. * Repossession fees. * Storage fees for the recovered vehicle. * Collection fees accrued in an attempt to recovered unpaid balances. * Legal fees accrued in an attempt to recover the unpaid balance. * Court fees as a result of judgment. * And, in the event you are reclaiming any personal property left in the vehicle when it was taken, a property recovery fee.