Cars & Vehicles
Bank of America

If you owe 14k on a car and find a buyer who offers you 12k for it but the bank declines and sells the car at auction for 6k do you have any legal recourse for the difference?


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Wiki User
2015-07-15 19:37:22
2015-07-15 19:37:22

Roy, NO you dont.Did you offer to pay the other 2K for payoff? That would have been your best way out of the loan. Banks are like huge machines, set up to work only one way. Loan money, get payments, no payments, repo, sell at auction, sue for judgements, collect on judgements. To change the way it runs, you must really work at it and get someone to notice the deal you are offering. Obviously, you didnt get their atttention.


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