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Will, that's usually the case. Then you pay the difference owed.

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โˆ™ 2011-09-13 12:40:53
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Q: What if your car is repossessed in NC and it is not sold for the amount you owe?
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My Car was repossessed what do I owe the bank?

They will auction the car and you will have to pay the difference of what you owe and what the car sold for.


Can you still owe money after your car is repossessed because of the recall?

If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.


If you owe more than the car is worth what happens if it gets repossessed?

The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.


If your car is repossessed do you have to pay the balance?

you'll owe what's left on the contract after the vehicle is sold (probably through auction). Example: you owe $2500, the car sells at auction for $500, you owe $2000 because you signed a contract stating you'd pay a certain amount, that's what the creditor is after.


Can your car get repossessed after bankruptcy?

not if you still owe money on it


You owe money on a repossessed car but the car was refinanced to someone else do you still owe?

I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.


If you sell a car and you owe the creditor do you have to pay them the amount the car was sold for?

If you sell a car you owe a creditor a balance on, you pay the creditor the amount you owe him in order to get the title to the vehicle to turn over to your buyer. Anything over the balance owed to the creditor is yours to keep, assuming you sold it for more than you owed on it. If you sold it for less than you owe on it you will have to pay the additional amount out of your pocket to get the title.


What if you give a car back the don't report your creditors?

When you have a car repossessed, either voluntarily or involuntarily, that car will be resold - typically, at an auction. You will still owe the lienholder the amount you owe (plus any associated recovery costs) minus the amount they got for it at the auction.


Can they repossessed the car if you just owe the last payment?

The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.


In Utah can your wages be garnished for a car that was repossessed?

You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.


If you had a car repossessed do you have to pay anything?

depends on your state laws and your loan agreement. In my state you are responsible for what ever you still owe on the car and any fee I charge. If your car is sold that amount will be deducted from what you owe. In other words, I repoed a car and the guy owed $2000, I bought it for $600 plus my fee. He still owes the bank. $1400


If you LEASE a car and have it voluntarily repossessed will you still owe money on it?

Yes

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