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If your car is repossessed can you try to buy the car when it is being auctioned?


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Yes, if you own the car being auctioned, you get the proceeds of the sale, minus the auctioneer's commssion. No, if your car was repossessed and auctioned by the lender, it would be rare that the proceeds, minus the auctioneer's commission would exceed the amount you owed on the loan. However, if it did, you would get the remainder. On the other hand, if the auction doesn't cover your loan, then you could still be sued for the remaining payments.

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It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.

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To buy auctioned car and save money you will have to go to the auctioneer and bid at a lower price.

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If the car is gone, the car is gone. The car would only be covered in BK if you still had it. If you file Chapter 13 bankruptcy within 10 days of your car being repossessed, or in some states before it has been sold or auctioned, your creditor must return the vehicle to you.


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