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The debtor GETS the surplus, the debtor PAYS the shortfall owed.

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โˆ™ 2004-07-13 11:14:33
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Q: When 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?
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Related Questions

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.


Do you have to pay the whole vehicle off if it is repossessed?

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.


Can a disabled person's vehicle be repossessed in Florida?

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.


Are there laws that govern how much a consumer can be liable for after a repossessed vehicle has been auctioned?

As a rule of thumb, you will owe the difference.


Can your vehicle be repossessed if you are awaiting to be paid by the federal government?

It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.


Can your paycheck be garnished from a repossessed vehicle?

Yes. If the car's value at repo was under what you owed they can get the difference, court costs and interest.


Do you have to pay the difference on a repossession car loan?

Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.


Can you get your vehicle possession after your vehicle was repossessed?

by paying the bill or rebuy it at an aucton


If a car is repossed you do you still pay the reminder of balance?

When a vehicle is repossessed, it is usually put up for auction. If the monies recovered from the auction is not enough to cover the outstanding balance on the loan, the person the vehicle was repossessed from is expected to pay the difference. It's a bummer, but that's how it goes.


Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?

it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.


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.


In Texas can a car be repossessed if it is blocked by another vehicle?

no!


What hours can a vehicle be repossessed in CT?

24/7


Can you trade in a vehicle that is about to be repossessed?

Technically (and leagally) yes.


Do you have a right to have a repossession letter before my vehicle is repossessed?

no


Can a vehicle be repossessed across state lines?

Yes it can.


Can your vehicle be repossessed for late payments?

Obvious answer, Yes.


Can a repossessed vehicle be moved to a different county?

Yes, it can.


If a car that is being repossessed is at a residence of someone else and a vehicle is behind the car to be repossessed can they move it lawfully?

No. Absolutely not. If they enter a vehicle they do not have an order of repossession on, they've committed a crime. They may enter the vehicle they are there to repossess, and only the vehicle they are there to repossess.


In pa when a vehicle is repossessed does the finance company have to tell you what their doing with the vehicle?

Usually, they do not have to tell you what they are about to do to your vehicle. But, the procedure is is that they will sell your vehicle in an auction.


How do i report a repossessed bike?

If it's repossessed, it's repossessed... there's nothing to report. As long as there's a lien on that vehicle, the lienholder is the rightful owner of it, and can reclaim their property.


Can your vehicle be repossessed after the loan and security agreement has expired but you still owe a considerable sum?

Loan and security will always be active against the vehicle. It never goes away until paid or repossessed. Yes, the collateral may be repossessed at any time.


Where can i find a sample letter of a 10 day repossession letter after repossessed?

need a 10 day letter after vehicle is repossessed


When can the lender resell a repossessed vehicle?

a lender can do as he/she pleases with the vehicle after 31 days...in the state of Alabama


What is a repair facility's reonsibility regarding vehicle repossession?

They have no liability for a vehicle repossessed lawfully from their property.