answersLogoWhite
Ask
Repossession
Personal Finance
Loans
Money Management

If your car is repossessed and they auction it do you have to pay the amount that they tell you is leftover on the loan?

646566
Answer

Top Answer
User Avatar
Wiki User
2015-07-15 19:31:38
2015-07-15 19:31:38

Melissa, what does your contract say?? It also depends on what state you are in. Usually, YES, you do have to pay.

1
0

Related Questions

User Avatar

Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.

User Avatar

The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.

User Avatar

I heard if you surrender your car back to the bank the loan is from, they will auction the car to get money back, if they DONT get the whole amount of what you OWE on the car... They will bill you the balance.T


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.