the bank has repossed my vehicle but are saying i still owe money on it. that doesn't make sense that i would have to pay money for something I don't have. if i don't pay, can they sue me? or what can happen?
2006-08-05 11:16:35 · 5 answers · asked by Liz 1 in Cars & Transportation ➔ Other - Cars & Transportation
Yes they can. The money you owe is probably the difference in what they can sell the vehicle for and what you still owe on the loan. You're still responsible for paying it.
2006-08-05 11:21:50 · answer #1 · answered by multiple_one2000 2 · 1⤊ 0⤋
Yes,
The banks can sue you....They repossess your vehicle then sell it at auction to recoup its money....but the vehicle will not sell at the price that is owed to the bank....You will be responsible for the difference.
PRICE OWED - PRICE SOLD FOR = Left is the amount owed you are going to have to eat up this cost...not the bank
and no...i definitely don't work for a bank or repossession company...
2006-08-05 11:24:04 · answer #2 · answered by say it ain't so 3 · 0⤊ 0⤋
they threaten to sue..but they never do.
our car was reposessed over a year ago..and they've been threatening to sue ever since.
basically they reposess the car..it gets sent to auction..depending on what it sells for ...they try to get the remaining balance from you..like our saturn we owed 20K(it was an ION 3 loaded with 17's and all) and it sold for like 15K there trying to come after us for the remaining 5K.
The car was a POS thats why it got repossessed..it was always in the shop..and becuase of that my husband refused to pay..and saturn screwed us over.
2006-08-05 12:34:51 · answer #3 · answered by mommy2savannah51405 6 · 0⤊ 0⤋
Although they are threatening, they will be unlikely to proceed - it is too expensive for them to chase you. The only reason that they would go beyond this usual path would be if the vehicle was severely damaged or worn during the time of your usage of it.
2006-08-05 21:09:52 · answer #4 · answered by markawellsconsultant 1 · 0⤊ 0⤋
If you buy a bottle of soda with a credit card and drink the soda you dont have to pay the bill because you dont have the soda right? duh duh. go get your ged.
2006-08-05 11:30:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋