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Auto Loans and Financing
Repossession
Liens

What if your car is repossessed in NC and it is not sold for the amount you owe?


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Wiki User
2011-09-13 12:40:53
2011-09-13 12:40:53

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

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

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

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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.

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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.

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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.


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