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After your vehicle is repossessed by the lender, they can put it up for sale, but, you have a time period to redeem it, paying the amount in arrears, plus collection costs.

Upon repossession, you have the right to recover any personal items in the vehicle.

The lender can sell on the bank lot, or at auction, and then sue you for the remainder of the loan and costs, not collected at sale. The repossession will go on your credit rating (for 7 years).

Time periods for actions in a repossession vary by jurisdiction, and, as I am not a lawyer, only a repossession agent in the past, you should consult an attorney or your state Department of Motor Vehicles by phone or visit their website!

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βˆ™ 2009-10-29 11:58:46
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Q: What happen if you sold your car after you took the car loan?
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Related questions

What will happen to a car once it is repossessed?

It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.

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I took a loan from my bank to buy my first car.

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When I went and got a car loan, it took less than an hour.

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If a creditor is taking your car to be sold as payment and you still owe money on the car what happens once it is sold at auction does part of the money go towards repaying the loan on the car?

Yes. all of it should go toward repaying the loan. That is why they reposessed it...because of the delinquent loan.

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Yes - if the car loan was with the dealer, the dealer can sue the debtor for the balance of the car loan after the car is sold to someone else.

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