answersLogoWhite

0


Best Answer

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

User Avatar

Wiki User

โˆ™ 2004-07-13 11:14:33
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
2.33
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
3 Reviews

Add your answer:

Earn +20 pts
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?
Write your answer...
Submit
Still have questions?
magnify glass
imp
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.


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.


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

by paying the bill or rebuy it at an aucton


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.


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.


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 your vehicle be repossessed for late payments?

Obvious answer, Yes.

People also asked