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