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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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Do I get money for car being auctioned off?
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.
Can they make you pay the difference between what the car brings and the amount you owed if your car is repossessed and auctioned in Arkansas?
YES, read the contract you signed.
If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
If your car has been repossessed and you have not yet filed bankruptcy can you still be eligible to get the car back after you file?
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.
How do you Buy Auctioned Cars and Save Money?
To buy auctioned car and save money you will have to go to the auctioneer and bid at a lower price.
Can the bank come back to you for the difference of the loan after the car has been repossessed and auctioned?
yes they can...but it also depends on state laws too
How soon can you buy a car after a car has been repossessed?
You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.
How can you buy out a leased car when the lease expired and car was repossessed?
When a vehicle gets repossessed it either goes back to the dealer who leased it, or, and more commonly, it is auctioned by the reclamation company. You would need to attend one of these auctions to be able to bid on one, and even then, a lot of times you have to be a licensed dealer to participate. Check on the local regulations and restrictions on the auto auctions in your area.
After your repossessed car is auctioned how long do you have to pay off what you still owe?
BAD news. They have already tried to let you make payments. This time they will want ALL of it.
If you are a co-signer on a car loan and the car is repossessed are you given the option to buy the car yourself before it is taken to auction?
no you do not get to puchase the vehicle before it is auctioned the loan company will have tried to contact you to make the payment it would then be up to you to get the car from the other person by way of repossessing it yourself through small claims court
Does a divorce decree keep a car from being repossessed?
No
Can a car really get repossessed then auctioned for one cent and the owner be charged the balance?
It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.
