and you owed less than the car is worth, does the reposser owe you money?
2007-03-28 06:40:33 · 10 answers · asked by spongebobri 4 in Cars & Transportation ➔ Buying & Selling
the car is to be sold at auction..if it sells for more than the amount owed plus repo fees and auction fees..
the amount left over is returned to you
2007-03-28 06:45:28 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The car will be sold at auction, depending on what the highest bid is, your loan could be paid off, and you may receive a small amount back, however, that scenario is highly unlikely. You are far better off, not letting the car go to repo, if you owe less than it's worth.
2007-03-28 15:46:42 · answer #2 · answered by fisherwoman 6 · 0⤊ 0⤋
If the car was worth more than was owed, then it should have been sold before it was repossessed............
However to answer your question, it depends on who the loan was with. There is no clear answer to your question because there are always fees involved, which can most certainly equal the amount of "equity" you would have had. Hope this helps.
2007-03-28 20:21:52 · answer #3 · answered by Tim Richmond 3 · 1⤊ 0⤋
Standard procedure is for the bank to sell your car at auction and refund the difference of sell price and what is owed. Most state laws require this. If it is a buy here pay here kind of place they pretty much just call it even and resell it.
2007-03-28 13:47:30 · answer #4 · answered by j h 2 · 0⤊ 0⤋
Depends on who did the financing. My suggestion is to pay the amount overdue and get the car back.
The repossessor works for the bank. the bank can liquidate the automobile and retain the amount due, pay the repo-man, and can and often do pocket the rest.
2007-03-28 13:48:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Absolutely not. You don't own the car until the loan is paid, which is why they repossessed it. You think they took it because they want to pay YOU money? The title is collateral until the loan is paid, therefore, if you default on the loan by $0.50, they can take the car.
2007-03-28 13:56:45 · answer #6 · answered by joshnya68 4 · 0⤊ 0⤋
It depends on how much they are able to sell it for if they get more than you owe than you may get a little money back
2007-03-28 13:43:44 · answer #7 · answered by ja man 5 · 1⤊ 0⤋
lol....no you still owe them...unfortunately thats not how life works...if you owe money on it they still expect that money to be paid....
2007-03-28 13:43:58 · answer #8 · answered by Jason N 4 · 0⤊ 1⤋
I think yer right. Unfortunately, I don't think he'll see it that way.
2007-03-28 21:48:20 · answer #9 · answered by chris j 7 · 0⤊ 0⤋
possible not probable
2007-03-28 13:46:04 · answer #10 · answered by Anonymous · 0⤊ 0⤋