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Should the lender tell you where your repossessed car will be sold so you can buy it back?
Wiki User
∙ 14y ago
It is not required. However, if you do discover where the vehicle is to be sold, provided it is close enough for you to travel, you can attend if it is a public auction as opposed to a dealer aution, and you bid like everyone else.
Now, that being said, it seems it would be much easier for you to pay the redemption and storage fees, reclaim your vehicle, and get out for less than if you were to attempt to purchase the vehicle. You will be help accountable for the fees regardless, and the money you pay goes to the lender either way.
Wiki User
∙ 14y ago
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How can you find out if your repossessed car was sold?
The lender should let you know, you can contact them and they should tell you.
How do you find out what price your repossessed car was sold for?
ASK the lender.
Do you have to pay on a repossessed car if not sold?
If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.
Where can you find out if the car that was repossessed has been resold and how much was it sold for?
The LENDER keeps such records and will share them with you ultimately.
Your car was repossessed years ago and you don't have info on the auction sale and how much it was sold for are you allowed a copy of that information from the creditors?
Yes The lender has to provide you with this info.You should demand it from them. The lender is required to provide this only if requested in writing by the debtor.
Do you have to pay the balance after the car was repossessed and sold 3 yrs ago?
IF the lender obtained a judgment for the balance due, YES.
Does having the title to a repossessed truck give you any legal rights?
NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL
If your truck is repossessed can you still be sued?
When a vehicle is repossessed by the lender it is sold at a public auction for as near the fair market value as is possible. The amount the vehicle is sold for is deducted from the balance of the loan and the borrower is responsible for the repayment of that amount plus any interest and additional fees. If the borrower is unable to make a payment agreement with the lender, the lender does have the option of suing for the amount owed and legal costs. It isn't possible to give a definite answer on if the lender will or will not sue the borrower for the debt.
If your car was repossessed and the lender sold it without notifying you what are your rights when they try to collect for the difference?
requirements vary by state. call a local attorney for guidance.
Does a bank or finance company have to tell you how much your repossessed car was sold for?
Susan, what state are you in?? Who was the lender?? Laws vary by state. Email if you need too. Thanks
Can you get a car back after it has been reposessed?
Yes until it has been sold by the lender, contact the lender and pay the bill
Does a lender need to notify you before they sell your car they repossessed?
Yes, they also have to send you official letter from auction at the price they sold it to deduct from the amount you own to the bank.
