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then you still owe on it. you (as the debtor) are responsible for any remaining balance. when you don't pay that, you'll end up with a judgement and wage garnishment.

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โˆ™ 2012-07-27 05:56:37
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Q: What if repossessed truck doesn't sell at an auction?
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If your truck is repossessed in Oklahoma is the finance company reqiured by law to get as much of the owed balance as possible.?

No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.


Do you have to pay for a car if it is repossessed?

The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.


If the creditors repossessed a motorcycle and then DID NOT sell it at an auction do you still owe?

No you don't still owe; once the motorcycle has been repossessed, it is no longer your concern. Whether the creditor sells it or fails to sell it is the creditor's problem, not yours.


Does having the title to a repossessed truck give you any legal rights?

NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL


How can you find out where a bank will sell your repossessed vehicle?

It will most likely go to a wholesale auction where only licensed dealers are allowed to bid.


In pa when a vehicle is repossessed does the finance company have to tell you what their doing with the vehicle?

Usually, they do not have to tell you what they are about to do to your vehicle. But, the procedure is is that they will sell your vehicle in an auction.


If you have a lease through GMAC and the car gets repossessed do you owe for the remaining payments or do you owe for the ACV of the car?

they sell the auto at an auction sell it to the highest bidder and you the remainder


How do you get a repossed vehicle back?

If your car is repossessed and you want to get it back, you can contact the finance company and clear any outstanding payments. They may agree to return your vehicle to you if they have not already sold it but be warned that lenders try and sell repossessed vehicles as quickly as possible to try and recoup funds. The finance companies often sell the repossessed vehicles at a car auction. Here they can be sold "as seen" and at a lower price than market value, thus they can be sold quickly. It is often possible to find out which auction your car is being sold at and you can get your repossessed vehicle back yourself by attending the car auction and bidding.


If you had a car repossessed and you owed very little if they sell it and get more than what you owed who gets the difference?

YOU DO, if there's anything left after the sale. Remember, if they sell at auction, it will be wholesale and NOT as much as you would pay for it.


Does a lender need to notify you before they sell your car they repossessed?

Yes, they also have to send you official letter from auction at the price they sold it to deduct from the amount you own to the bank.


If you were going to sell a car that was repossessed is it better to get it back and sell or let it go?

It will be far better for your credit if you pay it off and sell it. When THEY sell it they are more than happy to sell it at auction for a loss then turn to you to make up the difference. It can mess up your credit for a long time.


When you vehicle is reposed are you financially responsible to pay the bank anything?

When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.

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