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When they sell a car at auction and do not get the amount you owe left on your loan can they make you pay the balance?

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Wiki User
2017-10-07 14:40:15
2017-10-07 14:40:15

Yes. They can want you to pay and they can garnishee your wages, attach leins to your other property, but NO, they can't make you pay if you dont have a job or assets.

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2017-10-07 14:39:20
2017-10-07 14:39:20

Yes. The lender can sue for the balance on the loan and obtain a judgment against you.

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I'm not sure if this is valid in every state, but I believe that if the car is sold at an auction, you will still be liable for the left over balance. If the car is sold at an auction and the sell price covers the balance of the loan then, I don't think you will need to pay anything else. Maybe some fees for the repo. I "think" this is how it works

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The balance means the amount of money that you still owe on the loan.

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The vehicle will be sold at fair market value and the proceeds will go to pay off the secured loan. If the auction price does not cover the amount of the loan plus fees - then yes, the balance would be due from the consumer.

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You get back whatever was left over from the auction after the lender pays the auction fees, lawyers fees, miscellaneous collection fees, and the outstanding balance of the loan.

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The amount of the loan is called the principal.


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