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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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โˆ™ 2015-07-17 17:47:16
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Q: Is there anything you can do if your repossessed car was auctioned for too little money?
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Can you still owe money after your motorhome is repossessed?

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.


How do you Buy Auctioned Cars and Save Money?

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


Do I get money for car being auctioned off?

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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Yes


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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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What is your recourse in Texas if you was paying for a car to an individual who was not making payments to his lienholder and the car was repossessed?

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


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