Randy, IF it sells for more than the unpaid balance, you should receive the excess.
You owe the difference I think.
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
Will, that's usually the case. Then you pay the difference owed.
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
They are sent to an auction and sold.
Start by reading your contract. Then CALL the lender who sold it to get the balance due.
Chris, I dont know the answer to the question YET. I will find out today. Email me latyer on and Ill have it for you. What does the lender "say" they will do???
When a vehicle is repossessed, it will eventually be sold at auction. Occassionally, the amount received from the sale is greater than the balance owed. On these occassions, the excess is sent to the debtor.
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.
If your house is repossessed and is sold for more than you owe, you are supposed to get the extra, less the costs of the sale and perhaps also costs that the back incurred.
If your car is repossessed you are responsible for the difference in what it brought when sold by the loan company and what you owed, plus the repossession charges. That is more than likely where the $9,000 comes from. Rarely does the car bring even close to retail, and most often is sold at wholesale price. This leaves you in the hole for the balance which you will have to pay. This is repossession is such a bad idea. You need to seek legal advice from a lawyer.