Repo truck....will the bank make us pay the difference if they sell it and lose profit?

Answer 1

Yes, you will be responsible for the difference plus reposession fees and any fees the company incurs to sell your vehicle, as well. For example, the repo fees could include: paying to find the car, picking it up, towing and or gas in the car. Seller fees would be the total that it cost them to sell your car.. auction fees.
After they sell the car, they will send you a statement with the amount you still owed minus what it sold for plus any fees. If you owe a balance, it will include a bill.

Answer 2

having gone through this myself, I am honestly answer yes. According to the contract you signed, you are responsible for making the payments and paying the full balance of which you financed. This means if it repos, either voluntary or not, the bank can sell it, and you are responsible for the difference between what they sell it for and the amount you financed, minus the amount of any warrenties and such you purchased with the vehicle.

The only way to rid yourself of this responsibility is to file a chapter 7 bankruptcy. But I only reccomend doing this if your debt load is seriously out of control. The bank should work with you on this, and you shouldn't have to be making the payment you had when the truck repoed. However, most banks will ask at least $100 per month till paid in full.

Answer 3

Yes, they will. If they sell it for less than you owe on it, you will have to pay the difference, including the costs of the repo, and anything else they can tack on to it.

Answer 4

yes they will. try to work something out now. people think that they just take it they will sell it fast. and you are stuck with the difference

Answer 5

yes

Answer 6

you are still responsible for the total amount of the loan

Answer 7

Yes, you are on the hook completely

Answer 8

They sure would