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If your vehicle is repossessed but is worth far more than the unpaid balance of your loan when they auction it off will they pay you the remainder?


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Wiki User
2015-07-15 19:30:50
2015-07-15 19:30:50

Laws says IF it brings more than you owe, you get the surplus. IF it brings less than you owe, you PAY the defiency.

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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.

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If i have a vehicle repossessed in the state of texas, is there anything that requires me to pay off balance after vehicle is sold at auction?

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When a vehicle is repossessed, it will eventually be sold at auction. Occassionally, the amount received from the sale is greater than the balance owed. On these occassions, the excess is sent to the debtor.

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Usually, they do not have to tell you what they are about to do to your vehicle. But, the procedure is is that they will sell your vehicle in an auction.

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likely NOT. TFC uses a wholesale auction and you wont get in. If you want to redeem your vehicle just pay it off.


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