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Once your vehicle goes to auction and it is sold for more then what is owed who gets the remaining money?
Wiki User
∙ 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...
Wiki User
∙ 2011-09-13 12:32:19
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Do you have to pay back the loan on a car repo?
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.
How does the remaining balance in a vehicle repossession case get solved?
Once the vehicle is repoed, if it is not redeemed, the vehicle is sold at auction. This purchase price is applied to the debt. The problem is, the repossession procedure can add much more to the balance owed. So, there is likely to be a remaining balance, and it could be higher than was originally owed on the loan before the vehicle was repoed. In cases where a balance remains, the lender may decide to take legal action and sue the borrower.
Do most finance company allow you to pay the late payments and then continue with the agreed contract if the vehile was repossessed?
If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction. Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.
What do 'Turners' sell in auction?
Turners sells all sorts of new and used vehicles in auction to customers. They also provide financing options to help pay for the vehicle once you bought it.
Can you buy a police impound?
If you mean an impounded vehicle, it probably depends on the locality, but here in my city, the police department sells siezed vehicles once a week at an auction.
Is it still possible to get your vehicle back after the repo has occurred?
In Canada the answer is yes if it is repossessed by a bank (or credit institution). Any car that is re-possessed by a bank or credit company has to be put up for auction. You can always get your vehicle back if you pay whatever arrears you owe the bank as well as the the fees that the bank had to pay to the repo company before it is sent to the auction house. However, you do need to act quickly. I have never heard of anyone getting their vehicle back once it is up for auction (and in Canada the auction companies used by banks are only open to car dealers).
What are you liable for when your car gets repossessed?
Once the vehicle is auctioned off and sold there is usually a remaining balance left to pay. You will start receiving collection notices about the remaining balance. This is when you will want to prepare yourself to negotiate a settlement.
Do car auctions charge sales tax?
No the auctual auction does not charge tax, they get a fee of the total price, but once a dealer sells that car that dealer has to pay taxes on that vehicle.
What can you do if your car was repossessed last year and you paid the money to reinstate the contract in the a lotted time but they still sold your car and are now suing you for the remaining balance?
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.
How can one buy a vehicle with refinance money in the UK?
Once can purchase a vehicle with refinance money in the UK in a variety of ways. One can obtain the loan first, or refinance on the terms the dealership gives you on the day of sale.
How can you find out how much your car was sold for after a repossession?
I believe that once the car is sold at an auction or other means, you are suppose to be provided with paperwork showing you the amount it sold for and any remaining balance. If there is a remaing balance, you will probably be ask to pay it.
What happens to repossessed cars?
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 be resold to another person for a discounted price.
