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It will most likely be resold ... the loan company paid for the car to whomever it was bought from. They need to recover the money they spent, and if selling that car again is what it takes, then they will take that approach. Some will say "that is selling the same car twice" ... no, not really - it was sold once and the buyer refused to make the payments. The car is owned by the company that loaned the money in the first place. They have bills to pay just like everyone else ... they loaned money out, and they need it paid back.

It also could be sold at an auto auction ... for the amount that is still owed ... usually a cash sale for the full amount.

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17y ago

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