When a vehicle is repossessed, it will eventually be sold at auction. Occassionally, the amount received from the sale is greater than the balance owed. On these occassions, the excess is sent to the debtor.
Randy, IF it sells for more than the unpaid balance, you should receive the excess.
If your house is repossessed and is sold for more than you owe, you are supposed to get the extra, less the costs of the sale and perhaps also costs that the back incurred.
You owe the difference I think.
It would go to a car auction and sold on to a new owner and may be sold for a price much less than it is worth
Start by reading your contract. Then CALL the lender who sold it to get the balance due.
Paul sold more than Norm and Oliver
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.
If your car is repossessed and you want to get it back, you can contact the finance company and clear any outstanding payments. They may agree to return your vehicle to you if they have not already sold it but be warned that lenders try and sell repossessed vehicles as quickly as possible to try and recoup funds. The finance companies often sell the repossessed vehicles at a car auction. Here they can be sold "as seen" and at a lower price than market value, thus they can be sold quickly. It is often possible to find out which auction your car is being sold at and you can get your repossessed vehicle back yourself by attending the car auction and bidding.
only the last one counts
Rihanna has sold more than Beyonce.
Nobody sold more records than jayz
Metallica sold more records than the records sold by Prince.
If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.
Eminem has more than 80 million, while Lil Wayne has sold more than 10 million ;-)
I believe that the Xbox 360 sold more than PS3's.
ABBA has sold more records than Aerosmith.
Michael Jackson has sold 13-14 million more than Eminem.
Nobody sold more than Pac. Pac was the 1st best seller of all time. So far I don't think no one has sold more that Pac.
Frank Sinatra has sold more than 150 million records worldwide, whereas AC/DC has sold more than 200 million records.
The Beatles and Elvis have both sold more records.
Bruce Springsteen has sold slightly more albums than the Who
Michael Jackson has sold more records than the group, The Who.
if your car is repoed,and sold for more than you owe, you get the extra. this is fed. law. if sold for less,you pay the diff.