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Auto Loans and Financing
Repossession
Car Selling

If you owe money on a car still and it gets repoe'd does the amount at auction get deducted from your debt or what?

Answer

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Wiki User
June 13, 2006 3:34AM

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.