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Because when you took out the loan you agreed to repay the entire amount, the interest and any amount the lender had to spend on collection on the loan (late charges, reposession fees, auction fees, etc). Just because you gave the car back doesn't mean you don't owe the money. Find out what car dealers don't want you to know at www.dealertricks.com If the lender took the car, and sold it at auction, file bankruptcy. The remaining loan amount will be discharged through the court. I know someone this happened to. They returned the car, filed bankruptcy and the loan was discharged. No money owed. When their situation changed, they bought a new SUV a year later. They are paying a higher interest rate though,

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โˆ™ 2004-12-18 06:51:00
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Q: Why do you have to repay for a car that was voluntarily given back and sold at auction and you will receive nothing in return?
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Related questions

What happens to your credit if you voluntarily have your?

what happens if i voluntarily return my car to the bank due to job loss


Will it hurt if you voluntarily return my car?

Yes, it can still hurt your credit if you voluntarily return a car. The car company will still put the debt you owe on your credit report if they choose too.


Can you return a new car to the dealer because you cannot afford it?

No, you cannot just return it to the dealer. The dealer has nothing to do with this unless the dealer is also the lender. You must return it to the entity who loaned you the money to buy the car in the first place. It is their car until you pay for it. This is called a voluntary repossession. You will be required to pay the deficiency. That is the difference in what you owe on the vehicle and what they sell it for at auction or private sale. Your credit will also be ruined for 7 years. You will save repossession fees by turning it in voluntarily.


When was Return to Nothing created?

Return to Nothing was created in 2004.


How do you voluntarily return a vehicle to the dealership?

You must leave it ON the dealers property somehow.


When was You Owe Me Nothing in Return created?

You Owe Me Nothing in Return was created in 2002.


Can you return a car bought on a personal loan when you were told it was on finance?

Have the car voluntarily repossessed. Using this option means that you voluntarily return the car to the finance loan company if you are too far behind on your payments and can't recover. If you decide to return the car, the finance company may pick up the vehicle or it may require that you return the car to its location.


Can an illegal alien receive a green card if they marry a citizen?

Sometimes. The immigrant must follow the same procedures and apply for the green card. Often, they must voluntarily return to their home country to wait for their visa and permission to come through.


If your ex boyfriend owes you back child support and owes his ex wife back child support and he claimed your son on his taxes will you receive any of his tax return?

yes u will because of the child support order, but the tax return will be split between you and his ex-wife. he wont receive nothing..


What did Japanese merchants receive in return?

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Does a repo show on your credit when you voluntarily return it?

Yes, a repo is a repo whether you give it up or they take it.


What happens when your return a car to finance company?

It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.


What did the Chinese merchants receive in return for silk?

gold


Are constructors allowed to have a return statement in them?

NO...The reason being, when you return something, someone is supposed to receive what you are returning...So when the object is not yet created, there wont be any body to receive it.


Will there be healing just before jesus' return?

Jesus' return will come without warning. Healing has nothing to do with Jesus' return.


What is the amount charged for failing to provide a Social Security number on your tax return?

You probably would not be fined, only have the return sent back so you can provide the information. If you voluntarily refuse to give it, you will have problems.


What did the serfs get in return for serving a vassal in medieval times?

Nothing they were slaves and slaves get nothing.


Can you collect unemployment when receive a city pension if you go back to work?

YOu cannot receive unemployment if you return to work.


Was Jesus are volutionary leader?

Yes it can be viewed that Jesus was a voluntarily leader. He gave up himself for the salvation of mankind, and He did not need anything in return.


What are soldiers paid for in return called?

You need to be more specific and clarify what you mean by paid for in return. In return for what? Soldiers in professional armies receive a salary. Soldiers in armies based on conscription receive a small allowance


When will himansh return in humse hai life?

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How can you get a copy of a bill of sale at a car auction?

You can get a copy of the purchase receipt from the auction if you are the buyer however car auctions don't work on a bill of sale. They have the title follow the car from seller to buyer. If the seller fails to provide the title prior to the start of the auction they are charged a fee which is typically around $50. They have 30 days to produce the title to the auction. If they fail to do so the buyer can return the car to the auction and get a full refund of purchase price.


What is money investors receive beyond their original investment?

Return or dividend


Can a lender take your tax return until the debt is settled after you voluntarily surrender your car and you make payment arrangements with the them?

NOT unless they get a judgementand attach your returns.


When will I receive my 1099-MISC?

You do not receive a 1099-MISC. It is a tax form that you must fill out and return to list all miscelleaneous income.