Asked 8/5/2009
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Am I responsible for the balance after a repo auction of my vehicle? If I have my car taken back by the finance company, they will sell it at auction. Am I responsible for the balance still due? If I have no money what happens to that balance? |
Answer 1/3 - Submitted 8/5/2009
Answer 2/3 - Submitted 8/6/2009
Most finance companies subtract the difference between what they get at auction and what you still owe on your loan. For instance, if you still have a $9,000 balance on your car note and they sell the car for $5,000 at auction then you now owe them $4,000. They can turn this amount over to a collection agency like any other type of debt if you do not pay it.
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