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Repossession

If your car was repossessed is there a law stating how much a finance company can sue you for after it has sold the car?

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Wiki User
2011-09-12 22:10:44
2011-09-12 22:10:44

Sure is, they can get a judgment for the balance due on the loan minus what the car sold for PLUS any fees incurred(repo,attorney,auction,ect.) It should be in the contract you signed.

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Susan, what state are you in?? Who was the lender?? Laws vary by state. Email if you need too. Thanks

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No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.

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It depends on what you mean. Do you mean from someone (a third party) who purchased your car from the finance company after the finance company repossessed it from you? If so, there's not really too much you can do other than find the person and make them and offer.

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If your payments are current, they're not coming to repossess your car. Trust me, the finance company would much rather have your money than your collateral (i.e., the car).

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Sure you can, but you're still responsible for paying off the loan to the finance company. If the check will cover the pay-off, give it to the finance company. If it doesn't, give it to them, anyway. It'll reduce your debt by that much.


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