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

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โˆ™ 2004-06-02 12:51:30
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Q: What happens if your repossessed car is sold for more than you owed?
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What happens if your repossessed house is sold for less than what is owed?

You owe the difference I think.


What if your car is repossessed in NC and it is not sold for the amount you owe?

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


Do you have to pay the whole vehicle off if it is repossessed?

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.


Where do you stand if repossessed truck is sold for less then the loan?

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


What happens to title loan cars when they are repossessed?

They are sent to an auction and sold.


If a car is repossessed and resold for more than was originally paid for it do you still have to pay it off and where can you find out what is owed?

Start by reading your contract. Then CALL the lender who sold it to get the balance due.


What happens if my car is repossessed and then I file bankruptcy?

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.


Why would you get a refund for overpayment on a repossessed car?

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.


What happens in Texas if you voluntarily have your car repossessed and money is still owed after the car has been sold at an auction?

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???


Is it legal for the car to be repossessed and still require payments to be made?

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.


What happens if your repossession house is sold for more than you owe?

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.


Can a finance company garnish your pay for a car that was repossessed in 2004 and tack on 9000 dollar more then what you owed they started the garnishment in 2009?

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.

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