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Is there anything you can do if your repossessed car was auctioned for too little money?

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2015-07-17 17:47:16
2015-07-17 17:47:16
One thing to remember is this: repossessed is repossessed. YOU NO LONGER OWN THE VEHICLE. It is not yours, not even to complain about. The repo company has made arrangements with the finance company; of course. The repo company is not in business for their health. It's a business and they're in it for a profit. Yay America! Thank God! The repo company agreed to split the profits, probably a percentage, with the finance company, minus charges. If they want to sell the car and it sells for only 50 cents, they can do so, and you ain't got nothin' to say about it. IT IS NOT YOUR CAR ANYMORE! It's actually, for all practical purposes, the repo company's. The loan is the finance company's. TWO DIFFERENT ENTITIES. In Texas, get off the complain soapbox, eat your pride, promise yourself you won't do it again, leave the finance company alone, leave the repo company alone (you'll lose; the laws protect them) and read this: IT IS NO LONG YOUR VEHICLE. If you don't like what is done, CHANGE THE LAWS.The bank or finance company must sell the vehicle in a commercially reasonable manner. It is important to remember that when you signed the contract, you agreed to pay for the collection, repossession, legal, reconditioning, mechanics, ect fees.I would imagine that all of this is added to your existing balance that you owe. Ask the bank for a breakdown of your deficency balance.

According to Consumerlawpage.com, a resale of a repossessed car must be conducted in a "commercially reasonble manner". If you believe that your vehicle was resold for less than fair market value, the resale is not commercially reasonable. Contact an attorney, your car may have been sold to "a friend" for a substantially lower price than what the car is worth.

You do not need an attorney to sue in most states.Sue the bank for not selling the vehicle in a c.r.manner.This is a scam because all the banks do is hold a closed auction where the dealers who sold you the car get the same car back at a huge savings and start the game all over again.Oh yeah and then the bank sticks you with the difference.

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Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.

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To buy auctioned car and save money you will have to go to the auctioneer and bid at a lower price.

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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.

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How much money were sslaves auctioned for?

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not if you still owe money on it

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You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.

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If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.

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It will depend on the costs involved. If the sale of the home brings more money than the mortgage, the remainder will go first to cover the costs of the foreclosure. If there is anything left, it will be paid to the holders.

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Do you have anything in writing??Cancelled checks???Your only recourse is to sue the individual who took your money.

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You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.

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As long as you owe them money they can take it.

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The one who BORROWED the money and/or the on who COSIGNED the loan.

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Possibly yes. They can resale your repossessed car dirt cheap and sue you for the difference in what you owed and what they got for it. Then they can sue you to collect that difference. If they win the suit they can have the sheriff pick up anything you own to sell at public auction to help pay that money they supposedly "lost". It's possible but not real likely. It depends on the mob that runs the finance Company

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If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.

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yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.

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can i use the money for anything?

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The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.

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Until the Statute of Limitations tolls on the judgement.

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If you still owe money, it may be repossessed at any time.

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They get resold as used cars to make some of the money back.

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No. They can repossess their collateral (the car which was repossessed), and they can send a collection agency to hound you for money, but they can't confiscate your property.

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The vehicle was repossessed for non-payment of the lease, correct? You still owe all the money to the lender, even though you no longer have the car. You signed a written agreement with the lender promising to pay a certain amount each month for how ever many months were in the lease. You breached that written contract by not paying the monthly lease - Just because the car is taken away from you does not absolve your financial responsibility to pay for the remaining parts of the lease.

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You can take a deduction for the price at which the donated vehicle was auctioned on behalf of the charity. The charity to which you donate will arrange to have the car auctioned. The charity will be notified of the money raised by the sale. You will then receive this notification. This is the amount you can use as a deduction.

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A repossessed vehicle is sold at auction to repay the lending institution. After the vehicle is sold, any money will be used first to pay the auction company, the repo agency and then all remaining funds will be applied toward the amount due on the loan. If anything is left over, you should get it. If there is a deficit, the bank will contact you to make arrangements for collection of the amount owed. You typically don't get any money "back", but usually end up owing the bank.

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Read the terms of the contract. Once the contract is "In Default", the note can be called in and the vehicle can be repossessed. It can be as soon as 1 day past due. But in reality, most banks know that they'll probably loose money on the process so most will try to give you a little extra time.


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