repossession
Date: Sun, 12/26/2010 - 16:14
:confused:If you get a car reposessed and they sell it, do they have to subtract what they sold it for from your amount due?
Shazzers is correct. Once the car is sold off, the sale proceeds
Shazzers is correct. Once the car is sold off, the sale proceeds go toward your loan thereby reducing your loan amount. The car lender will come after you in order to recover the deficient balance resulting from the sale of the property. You'll be liable for paying off the deficient balance in full to the car lender.
Hi! Welcome to the forums! Once your creditor repossess the car,
Hi!
Welcome to the forums!
Once your creditor repossess the car, he has the right to resell to recover his money. After selling the car, the creditor will subtract the sale amount from the outstanding balance. If there is any deficit, then you'll be required to repay the remaining balance.
