Repossession
Debt Collection
Foreclosure

Once your vehicle goes to auction and it is sold for more then what is owed who gets the remaining money?

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2011-09-13 12:32:19
2011-09-13 12:32:19

you do.

AnswerDepends what state you are in, but where I am, it is called "surplus" funds and they are owed to the debtor. AnswerI think in biblical time that was referred to as a MIRACLE. Vehicles almost never sell for more than what was owed on the loan.

Most end up with a deficiency that the debtor still owes. If your car sold at auction for more than you owed I would take the remaining money they owe you and get to Vegas quickly cause you are darn lucky...

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Yes and No... Once the vehicle is repossed you are afforded an opportunity to pay what you owe and retrieve your car... If you dont meet the requirements to satisfy the lien holder, the vehicle will go to auction. After the auction whatever is owed on the remaining balance is is the responsibility of the loan holder & or co-signer.

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Stay current on your payments next time. Once you violate the terms of the contract, the vehicle is theirs and they can dispose of it as they please.

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