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Is a cosigner liable for the balance of a repossessed vehicle if the loan company auctioned it without notifying them?

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2015-07-16 18:11:59
2015-07-16 18:11:59

READ your contract you signed. Call a local attorney for state specific legal advice.

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You will also be liable for any deficiency balance

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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.

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It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.

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If the lender has placed a judgment against you for the deficit balance (balance left after the car is auctioned/sold), then yes in most states, they can take the tax return and apply it to the balance owing.


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