Best Answer

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.

User Avatar

Wiki User

โˆ™ 2003-10-21 18:26:06
This answer is:
User Avatar
Study guides


26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

See all cards
1 Review

Add your answer:

Earn +20 pts
Q: What if the bank didn't try to sell your car for fair market value?
Write your answer...
Still have questions?
magnify glass
Related questions

Why will a bank only consider deed in lieu if the fair market value of the property is BELOW the value of the debt?

Nice share

What are the advantages and disadvantages of fair market value?

advantages of fair value

The marshalls insured their home for 72000 which is 90 percent of the fair market value what is the fair market value of their home?


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.

What is FMV stands for?

Fair Market Value

What is the value of a Westward Journey Nickel Set?


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.

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

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.

How do you calculate Non Current Liability?

fair market value

What is the fair market value for 2003 impala?

check out

People also asked