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What happens if an ATV is repossessed and it is not worth the same amount you originally paid?

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βˆ™ 2011-09-13 11:58:20

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The bank the ATV was financed through will sell the ATV at auction. Normally auctions will bring in half of what the item is worth. Whatever money was made at the auction will be paid toward the loan on the ATV. The debtor will be responsible for paying the remaining balance on the loan. If the debtor cannot pay the remainder of the loan, then the bank can file a legal judgment to garnish the debtor's wages. There's no getting out of it unless the debtor files bankruptcy.

2011-09-13 11:58:20
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Q: What happens if an ATV is repossessed and it is not worth the same amount you originally paid?
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