Money Management

Should the lender tell you where your repossessed car will be sold so you can buy it back?


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2009-10-25 16:19:36
2009-10-25 16:19:36

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.


Related Questions

The lender should let you know, you can contact them and they should tell you.

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.

The LENDER keeps such records and will share them with you ultimately.

IF the lender obtained a judgment for the balance due, YES.

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.

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

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.

Yes until it has been sold by the lender, contact the lender and pay the bill

Susan, what state are you in?? Who was the lender?? Laws vary by state. Email if you need too. Thanks

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.

The only way to get it back would be if it were up for sale and you bought it. Once it's legally sold, it becomes the property of the new buyer.

The laws for all US states are much the same. In MO. when a vehicle is repossessed by the lender due to a default in the terms of the contract the lender is required to sell the vehicle at public auction for the amount closests to its assessed value. If there is a discrepancy in the amount for which the vehicle is sold and the balance of the loan, the lender may pursue collection for that amount in the manner the law allows, which can include a lawsuit.

If your car is repossessed and you want to get it back, you can contact the finance company and clear any outstanding payments. They may agree to return your vehicle to you if they have not already sold it but be warned that lenders try and sell repossessed vehicles as quickly as possible to try and recoup funds. The finance companies often sell the repossessed vehicles at a car auction. Here they can be sold "as seen" and at a lower price than market value, thus they can be sold quickly. It is often possible to find out which auction your car is being sold at and you can get your repossessed vehicle back yourself by attending the car auction and bidding.

If you read the letter that the lender sends you within 5-7 days your answer should be there. There is a date that is stated when your car will go through the process of sold or auctioned if you don't reinstate! Sounds like they gave you 10 days instead of business days but.... did you read the date?!

Cotact the lender and ask for a copy of the bill of sale, and a reconciliation of your account. The reconciliation should show the application of the purchase price. If not, demand they correct it. It can take perhaps up to thirty days for the lender to comply, and they may require you make your request in writing.

Pay for the car and get it back, or pay the deficiency after it has been sold.

Not without permission of the lender. A vehicle cannot be sold without a clear title of ownership. The lender is named on the title of a vehicle as the "lienholder" until the vehicle is paid for or otherwise released by the lienholder.

Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.

NO. It can be sold any way the bank wants it to be sold

As with all legal questions, you should seek the advice of a local attorney.That said ... in most places the lender is required to give "reasonable notice" to the borrower that the repossessed car is to be sold, and generally "reasonable notice" is considerably more than "a few hours". It could definitely be worth your time to consult a lawyer, especially if the lender sold the car for less than you owed on it.

not much, basically your hands are tied. when you pruchased the vehicle and signed a contract it was probably stated in there that if the vehicle is repossessed it will be sold at auction and the balance/credit of the debt is the responsibility of the purchaser

Yes. If you take out a car loan, fail to make payments, and the car is repossessed, you will have to pay the difference between the price the lender received at auction and the balance remaining on your loan.Since repossessed cars are usually sold at wholesale auctions, the difference can be thousands of dollars.

The lender will pursue collections for any unpaid balance for seven years from the date the car was sold after being repossessed. If the balance is large, they may pursue legal judgment. Obtaining this, they will have ten years from the date of judgment or last payment.

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