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

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โˆ™ 2015-07-15 19:31:38
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Q: 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?
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Related questions

What happens to title loan cars when they are repossessed?

They are sent to an auction and sold.


If your car is repossessed do you still have to pay for it?

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.


Do you have to pay the whole vehicle off if it is repossessed?

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.


Can the loan co. who repossessed car tack on interest after car is sold at auction?

hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh


In New Jersey does the borrower have to pay any loan deficit after a repossessed car is sold at auction?

Yes.


What if you want your vehicle repossessed?

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


Is the consumer liable for the balance of the loan on a repossessed motorcycle in the state of CA?

The vehicle will be sold at fair market value and the proceeds will go to pay off the secured loan. If the auction price does not cover the amount of the loan plus fees - then yes, the balance would be due from the consumer.


Can you still owe money after your car is repossessed because of the recall?

If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.


If the bank sells the repossessed car for more than the amount of the outstanding loan are you entitled to the profits in California?

The UCC says the debtor IS entitled to any excess above what is owed on the loan. That will include all fees(repo,auction,attorney,ect)


If a car is repossed you do you still pay the reminder of balance?

When a vehicle is repossessed, it is usually put up for auction. If the monies recovered from the auction is not enough to cover the outstanding balance on the loan, the person the vehicle was repossessed from is expected to pay the difference. It's a bummer, but that's how it goes.


Can a lien be placed on a home if the owner owes a loan deficiency amount when a vehicle is repossessed?

Yes.


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

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.

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