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My Car was repossessed what do I owe the bank?


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2006-02-22 20:47:52
2006-02-22 20:47:52

They will auction the car and you will have to pay the difference of what you owe and what the car sold for.


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The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.

When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.

Yes. For any amounts not recovered insluding repo costs.

your auto loan gets paid off and whatever is left over goes to the bank

I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.

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

not if you still owe money on it

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.

Usually, yes. The bank will dispose of the car (often by auction) and then come to you for whatever they lost and all fees associated with the repossession and sale.

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.

in nc, can you go to jail if you owe a bank for a car?

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

I heard if you surrender your car back to the bank the loan is from, they will auction the car to get money back, if they DONT get the whole amount of what you OWE on the car... They will bill you the balance.T

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

Pay them what you owe, there must be a reason why they have repossessed it

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.

As long as the 450.00 is in DEFAULT, it can be repoed.

The difference between the sale price & loan balance is what they will bill you 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 costs for the resale, then you would get the difference. If the bank sells your car for less than your loan balance, you would owe the difference plus costs. For instance, if you owe $15,000 and the stripped car only sells for $7,000, then you would owe $8,000 plus costs. This is called a deficiency judgment and is likely in most situations.1

YES Yes, you owe them money or yes they owe me the title if it has been written off? Thanks for your help.

The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.

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