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The buyer/borrower should have a copy of the title, as it is needed to register the vehicle. The title will have the name of the buyer and the name of the company holding the lien on the vehicle.

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20y ago

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If you voluntary give back your vehicle repo and they resale it any way they want do you still owe the whole bal or the difference?

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One of the sad truths about repossessions is that if the dealer resells your car but gets less on the sale than you owed him, you still owe him the difference. For instance, if you owe him $500.00 and he sells the car for $400.00, you still owe the $100.00 that was left on your loan. I know it sounds unfair but back several years ago he could reposses your car sell it for whatever and you still had to pay the full amount of your original loan. Most of the time they wouldn't come after people because it cost more than it was worth but today tagging your credit report is easy and cheap. So the only way to get it off of your report is to work something out with the dealer.


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