HomeWhen a vehicle has been repossessed and then resold for more than what was owed does the previous owner receive the difference or does the car dealer?
Wiki User
2004-07-13 11:14:33
2004-07-13 11:14:33
The debtor GETS the surplus, the debtor PAYS the shortfall owed.
Related Questions
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.
As a rule of thumb, you will owe the difference.
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
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