Quantcast
answersLogoWhite
notificationBell
Auto Loans and Financing
Repossession
Income Garnishment

What if the bank didn't try to sell your car for fair market value?


Top Answer
User Avatar
Wiki User
Answered 2003-10-21 18:26:06

The financial institutions use auctions for such issues. They, for the most part, do not have lots where they will attempt to sell the vehicles. They cut their loss and auction them off to recoup what they can prior to the end of any fiscal reporting for that quarter. So the A to your Q is they take what it sells for at auction, which is far less than market value! It sucks for all parties involved. They take the loss which in turn is past on to you, the person the car was taken from. You are now responsible for the difference of the balance. Hope this A your Q.

001
๐Ÿ™๐Ÿฟ
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Still Have Questions?

Related Questions


What is the difference between Gross fair market Value and Net Fair market Value?

Gross Versus Net ValueFair market value is the price an asset would bring if it were sold on a voluntary basis, meaning neither buyer nor seller has an obligation to make the exchange. Gross fair market value is the fair market value of an asset before allowing for any liabilities such as loans, taxes or liens. Suppose a warehouse has a gross fair market value of $250,000. If the property is collateral for a $100,000 business loan, the net fair market value of the asset becomes $150,000.


How can you determine the fair market value of a used bucket truck?

You can look on the internet to find the fair market value for trucks and other vehicles. You can also pick up a book listing the Fair market value in a store. Usually these are free.


What is the value of a Westward Journey Nickel Set?

FAIR MARKET VALUE ABOUT $2-$3 . fAIR RETAIL ABOUT $5


What is Book value vs fair value?

Book value is the value of asset shown in financial statements while fair value is the value at which asset can be sold in market


What is net fair market value?

The fair market value is the price of a property that may be sold and bought. It assumes both buyer and seller know everything about the property.


How do you estimate market value?

Market value is the price at which an asset would trade in a competitive Cardinal auction setting. Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and may differ in some circumstances.Real EstateA local real estate agent would compare the property to similar properties in the area that have recently been sold to arrive at the fair market value.


What is the property tax rate in British Columbia?

Property Transfer Tax RatesThe amount of tax due depends on the fair market value of the property that is transferred:If the fair market value is $200,000 or less, the tax is 1% of the fairmarketvalue.If the fair market value is greater than $200,000, the tax is 1% of the fairmarket value up to $200,000, plus 2% on the portion of the fair market value that is greater than $200,000.For example:if fair market value of property is $150,000tax payable is: 1% of $150,000 = $1,500if fair market value of property is $250,000 tax payable is: 1% of $200,000 = $2,000 plus 2% of $50,000 = $1,000 for total tax payable of $3,000


What is Market to market accounting standards?

I think you mean "Mark to Market" which is an accounting technique in which assets are valued at their current market value and not a previous value or future value. Mark to Market is also known as "Fair Value" accounting.



What is the value of 1962 Corvette?

62 vetteFair market value is $81,795 from Hagerty.com


How is motorcycle fair market value determined?

Like all vehicles, motorcycle fair market value is comprised of the condition of the bike, the area of the country, and of course, what the market will bear. A good general guideline is the NADA blue book.



WILL i GET PAID THE CASH VALUE FOR MY TOTAL LOSS?

No,, You get paid "Fair Market Value", which is often the same as Cash value.


What is the market value of a Sebring convertible?

The market value would depend on what year and model it is and the condition it is in. For example: a 2009 Chrysler Sebring Cnvertible Limited in excellent condition has a fair market value of $33,038.


What is the value of a Wurlitzer 2126 piano?

Fair Market Value is "What a willing buyer will pay a seller for an item."


Difference between book value and fair value in accounting?

Book value of asset is the value of asset shown in books of accounts while fair value of asset is the current price at which that product is selling or sellable in market.



What is the value of a 1980 proof set?

As of 12/2008, Numismedia quotes the fair market value (FMV) at $10.00


What does NAV stand for in reference to finance?

NAV stands for Net Asset Value. The net asset value for any item is fair market value minus any outstanding loan costs. For example, a home with the fair market value of $100,000 and a loan balance of $75,000 has a NAV of $25,000.


What is waightage of stocks?

In terms of stock market, a stock weightage or a market value weighted index describes an index whose elements are values according to the fair market value of their outstanding shares.


How do fair market values of homes compare to home appraisal values?

The Fair Market Value (FMV) and the appraised value would largely be the same. The FMV is what the market would pay (arm's length transaction). The appraised value is the value an appraiser will put on the property by finding three other properties that have recently sold and are considered so similar they are comparable for determining the value. The appraised value is not the tax value or the tax assessed value.


Can executors rent a property that belongs to an estate?

Yes, as long as it is at fair market value.


What factors may cause a change in the market and fair value of fixed rate notes and bonds?

One of the key factors that can change the market and fair value of fixed rate notes and bonds is an increase or decrease in market interest rates. Even though a bond has a fixed rate, it's value is dependent on current yields in the market and the value of the bond will move inversely to interest rate changes.


What is value of 1986 US proof set?

As of 12/2008, Numismedia quotes the fair market value (FMV) at $11.00


Still have questions?

Trending Questions
What times 10 equals to 1000? Asked By Wiki User
How old is Danielle cohn? Asked By Wiki User
Unanswered Questions