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What happens if your repossessed car is sold for more than you owed?


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2004-06-02 12:51:30
2004-06-02 12:51:30

Randy, IF it sells for more than the unpaid balance, you should receive the excess.

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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.

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Will, that's usually the case. Then you pay the difference owed.

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You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.


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