Top Answer
User Avatar
Wiki User
Answered 2006-06-13 03:34:27

The car is either sold privately or at a closed auction.Then that the amount the bank receives from the sale(the car is usually sold below market sometimes way below)is used to pay not just your loan but also any fees the lender incured to repo and sell the car.If you still owe a balance they will come after you for that.

User Avatar

Your Answer


Still have questions?

Related Questions

What is tax credit?

a sum deducted from the total amount a taxpayer owes to the state ; An amount of money that a taxpayer is able to subtract from the amount of tax that they owe to the government.

What was the most money spent at a slave auction?

The most money ever spent at a slave auction was in Savannah, Georgia at the Race Course. The total amount of money bidded was $303,850 which is about $6,700,000 now.

How can they still get money from us if they got 10000.00 at auction and you have paid 10500.00 do you still have to pay 10000.00 more for a car that cost 17000.00?

You paid $10.500 for auto. It went to auction! then it must of been repoed! How much did you owe on auto when it went to auction. the auction paid 10000 & THE COST WAS $17000. Did they send you a paper showing balance owed to car along with auction sale price. I wouldn't pay another cent to them.

What is money down and is it included in the loan amount?

money down is the down payment towards a loan. It is deducted from the total debt, or principle before interest is applied.

If your car get repo do you have to pay the balance off?

They repo your car and sell it at auction or sometimes to a good buddy. What they sell it for is deducted from your debt but they add back the cost of the repo and selling at auction. Now - If they think the amount still owed is worth going after you and your assets -then they can go to court for a judgement. If you can't hang on to it ask them to take it back before they spend the money to repo it.

Who is the player from Bangladesh who got surprise amount of money in auction in IPL season 2009?

Mashrafi Murtaza

Can the bank come after me for money after a foreclosure?

Yes. If, the amount they auction the property for is less than what you owe they will come after you for the difference.

If your car was repossessed and you paid the loan off do you get the title?

If your car was paid off, then why was it repoed? Or if you mean you paid it off after it was repoed, then if the loan company accepted your money,then they have to give you the car and title back. I would call them and get it back or your money back.

Can a repoed auto be sold for just what is owed if it is worth much more?

A repoed auto is usually sold far below its retail value. If you have a chance to sell it yourself and pay off the loan before it is repoed you will be dollars ahead, even if you lose money on the deal.

How does the slave auction work?

just the same way any other auction does i think.. the person who can pay the most amount of money for the slave can take the slave home

When you make a purchase with a debit card where is the money deducted from?

Local bank

What figure do you take for gross sales?

Gross sales is the amount of money received for all sales before expenses have been deducted. After the gross sales have been calculated, you may then deduct the expenses, leaving the net sales amount.

Ifshe gets 2575 a month and 33 percent is deducted for income tax.How much money is deducted from her salary for income tax each month?


If you close an auction on howrse do you still get the money and the bidder get the horse?

No, if you close the auction on howrse you don't get the money and the bidder gets the horse.

What is bankcruptcy protection?

If a person is in a chapter 13 bankruptcy, and it is being deducted from their pay check in nys can someone else sue you and have the money deducted from your pay check?

How long after a repossession can a lender come after you for the money owed still?

When the vehicle is recovered, it is taken to a lot, inventoried, and eventually taken to auction. The amount received at auction is applied to the amount owed, including repo fees and collection fees. In the event the lender obtained a judgment against you for the unpaid balance, they have 10 years from the date the auction proceeds were applied to the loan. If there is no judgment, they have 7 years.

What is best definition of gross income?

Gross income is the money you earn before taxes and national insurance has been deducted. Once deducted, you are left with a net income.

Do you still owe money if your car is repossess?

Yes. You owe the amount of the unpaid loan, minus whatever they get when they sell it at auction (very little), plus their costs.

If you withdraw your pf money after resigning from your job will 20 percent of the amount be deducted?

If you are resigning before completing 5 years of service then yes, the amount you withdraw is taxable. The tax is not 20% but instead, the amount withdrawn is added up with your annual salary and taxed according to the prevailing tax slabs

Would you get all the bail money back after trial is over?

If you, yourself, put up the money, yes, you will get the remainder after fines, fees, or costs (if any) are deducted.Added: If you used the services of a bailbondsman, the money that was paid (usually around 10% of the bail amount) was the bondsman's fee, and you will not get that back.

What's the difference between a foreclosure auction and a regular auction?

A foreclosure auction is a forced auction. The person who used to own the property being auctioned owed either the bank or the government money. For not paying the money back, their property is sold at auction to satisfy their debt. A regular auction could be anything and isn't necessarily to pay off debt, but usually to make a profit.

What is the difference in Gross income versus Net income?

Gross income usually is the money someone or something has earned before any deductions such as taxes, expenses, or promotion has been deducted. If you are receiving money after such expenses have been deducted, you are receiving money based on NET income.

Can my support money be taken if i owe money on a separate support case?

Not as an attachment, but can be deducted from the account where the support has been deposited.

How do you use an ATM?

you use ATM to withdraw money when you need it. it's is like a bankbook that is handy. you can also use it as a debit card. you can shop items and pay with your ATM that the amount will be deducted from your balance in the account.

Can you sell your car before it gets repoed?

Even if you could you would still owe the bank the money they paid for the car.