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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.


How much could a slave be sold for?

How much money were sslaves auctioned for?


Can a car be repossessed if money is owed to mechanic?

Yes


Can your car get repossessed after bankruptcy?

not if you still owe money on it


Do you get any money if your house is repossessed?

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.


In Utah can your wages be garnished for a car that was repossessed?

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


Can you still owe money after your car is repossessed because of the recall?

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


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.


If you LEASE a car and have it voluntarily repossessed will you still owe money on it?

Yes


Can you be sued if you let your mobile home be repossessed?

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


Can a car be repossessed when 1 payment is left?

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


Who pays the loan if a car is repossessed?

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


If you own two cars and are able to make payments on only one and are letting one get repossessed can the finance company for the repossessed car do anything toward the remaining car?

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


Can you buy another car even though is repossessed?

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.


Can the lender collect the rest of the money you owe on a car that they repossessed?

In most cases, YES


Can you still owe money on a car that was repossessed and resold to another buyer?

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.


Can they repossessed the car if you just owe the last payment?

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.


After your vehicle is repossessed and the car has been auctioned off can arrangements be made for the remainder of the loan balance?

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.


How long can they try to collect money from a repossessed car?

Until the Statute of Limitations tolls on the judgement.


Can your car be reposessed after six years?

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


What happens to cars after they have been repossessed?

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


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can i use the money for anything?


F a car was repossessed two years ago and you put an old car that a friend had on the road can they come after that vehicle for the money still owed after auction?

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.