Repossessed car

I am not sure how all of that works, but my brother had a truck repoed, voluntary, and he still had to pay something. I think in his case, when they resold the truck, he had to pay the difference. They gave him like a 30 repreive (sp), while they tried to sell the truck and then sent him something with what was owed.

I would think that this is what they all do, but do not quote me 100%. I am just going off of what happened to my brother. It also shows on his credit report as a repo.

Yes, they do. I would contact the company. I think by rights they're supposed to send you something stating what the car was sold for.

Most are required to give you notice what vehicle sold for and what is still owed.Call the company and tell them to update their reporting with the correct info.

When the value of the car is more than $2000, the creditor has the right to repossess the car in case of a missed payment, sell it, deduct the sale price of the car or the fair market retail value of the car (whichever is greater) from the balance due, and still sue you for any amount you may still owe. The money from the sale of the car must be applied on the loan balance. You may ask the creditor to show the papers of the sale of the car and know the amount.