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In Virginia can a credit company repossess your car and still demand the money owed above the value of the car?
Wiki User
∙ 16y ago
When your car is repossessed, they sell it for what they can get. Value has nothing to do with what price it brings. They simply get what they can. You are then responsible for the difference in the amount they sell the car for and the balance on the note. Your credit is then ruined for 7 years. This is why having a car repossessed is a horrible idea, and should be a last resort.
Wiki User
∙ 16y ago
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