My Car was repossessed what do I owe the bank?
They will auction the car and you will have to pay the difference of what you owe and what the car sold for.
It is not clear whether the bank can or will request the parts that were stripped from a car. However, the condition of the car will affect the resale value. If the bank elects to recover the amount that you owe on the car, it must resell the car at fair-market value, which is often based upon the Kelley Blue Book. If the bank sells your car for more than your loan balance and the…
NO but why would they repo if you are making payments. You don't still have to continue to make payments, however, if your car is repossessed, normally the finance company will sell the car and you owe any deficiency balance. In other words, let's say you still owe $5000 on your car and the finance company sells the car at auction for $4000. They will eventually contact you and you will owe the $1000 difference.
depends on your state laws and your loan agreement. In my state you are responsible for what ever you still owe on the car and any fee I charge. If your car is sold that amount will be deducted from what you owe. In other words, I repoed a car and the guy owed $2000, I bought it for $600 plus my fee. He still owes the bank. $1400
Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.
Repossessed cars are typically cleaned up and resold on a dealers lot. However, if the lienholder (the person who repossessed it) feels that it will cost too much to restore the vehicle to a sellable status, they will just put it in an auction and take whatever they can get for it. Repossessed cars are first examined fully to determine the remaining value of the car. If the car is suitable for repossession, it will…
If you cosigned a car loan for your daughter and the car got repossessed do you both have to file for bankruptcy?
Whatever the sale of the auction is the bank will take it and pay the cost for the auction and whatever the balance is will be applied to what is owed. So if your car sells for $9 thousand, and the cost is $1k to sell $8k is applied to the balance of the car. If you owe $12k minus $8k you will owe $4k.