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If you owe more than the car is worth what happens if it gets repossessed?

Wiki User

∙ 2008-01-24 18:55:56

Best Answer

The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.

Wiki User

∙ 2015-06-18 06:57:26

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Related questions

What happens when your house gets repossessed in California?

You should immediately, if not sooner, make plans to move to a more cost effective place.

What happens if your repossessed car is sold for more than you owed?

Randy, IF it sells for more than the unpaid balance, you should receive the excess.

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your auto loan gets paid off and whatever is left over goes to the bank

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If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?

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