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What if the bank sells your repossessed car for more than you owe?
Wiki User
∙ 15y ago
your auto loan gets paid off and whatever is left over goes to the bank
Wiki User
∙ 15y ago
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What happens if your repossessed car is sold for more than you owed?
Randy, IF it sells for more than the unpaid balance, you should receive the excess.
In Alabama if the lienholder sells the repossessed car for more than the amount of the outstanding loan are you entitled to the profits?
In theory but I have never heard of it happening. The bank will always add fees and charges that far outstrips the residual value of your car.
If the bank sells the repossessed car for more than the amount of the outstanding loan are you entitled to the profits in California?
The UCC says the debtor IS entitled to any excess above what is owed on the loan. That will include all fees(repo,auction,attorney,ect)
What happens to your credit when you give a car back to the bank?
You are not giving it back to the bank, you are having your car voluntarily repossessed. It ruins your credit for 7 years. Which may sound like a bad thing, but in reality will keep you from buying more car than you can afford for the next 7 years, which is a good thing. Remember if you do this, you will still be responsible for the difference in what the bank sells the car for, and the balance on the loan.
If your house is repossessed and it sells for less than what is owed are you responsible for the balance?
Usually, yes. The same follows with cars.
What happens if you car is repossessed and you don't work or have any property?
If you don't work, you have no money. If you have no money, you can't get your car back. It will be sold at auction and you will be responsible for paying the difference of what it sells for and what you owe. If it sells for MORE than what you owe, you should get a check for the difference.
Can the bank request the parts that were stripped from a car that is due to be repossessed?
It is not clear whether the bank can or will request the parts that were stripped from a car. However, the condition of the car will affect the resale value. If the bank elects to recover the amount that you owe on the car, it must resell the car at fair-market value, which is often based upon the Kelley Blue Book. If the bank sells your car for more than your loan balance and the costs for the resale, then you would get the difference. If the bank sells your car for less than your loan balance, you would owe the difference plus costs. For instance, if you owe $15,000 and the stripped car only sells for $7,000, then you would owe $8,000 plus costs. This is called a deficiency judgment and is likely in most situations.1
What if the bank sells the house for more than you owe on the foreclosure?
If the bank sells the house for more than you owe. First, if you owe any other mortgages they will get paid first. after all of the liens of your property have been paid, the borrower(you) receives the rest. example you owe 100,000 on mortgage 20,000 on equity line the house sells for 150,000 mortgage and equity line get paid off. and you receive the difference of 30,000 dollars
You want to buy reposessed land from the bank?
It is possible to buy repossessed land from the bank. Most banks hold monthly auctions where they sell repossessed land, houses, cars, etc. The prices of these items are usually considerably lower than retail cost, so it is a good investment.
What if a vehicle has been repossessed more than once?
only the last one counts
When a car is repossessed what happens to its owner?
Your credit is damaged. You are then responsible for the difference in what the lender sells the car for and the balance on the note. It cost you in more ways than one. Don;t let it happen to you. The lender does not want to repo the car. Work out something with them.
Who sells more trucks ford or Chevy?
Ford sells more trucks than Chevy, Dodge, Toyota, etc.
