My sister's car was repossesed in 2004 from the dealership. It was a dealer finance office. Anyway, she owed about $5500 on the car and when they listed it for sale again it was listed at about $9,000. I know that they sold the car for more than was owed on the loan, but how do you find out how much the car actually sold for? And if it sold for more than was owed, wouldn't there be a refund entitled?
2007-05-03 05:02:49 · 10 answers · asked by quiescent_soul 2 in Cars & Transportation ➔ Buying & Selling
No she is not entitled to a refund. She defaulted on her contract, so the car was no longer her property.
2007-05-03 05:10:18 · answer #1 · answered by Gemma 5 · 1⤊ 1⤋
It's highly unlikely that the car sold for more than was owed, however, if she doubts that, she can contact the auction where the car sold, and ask. There is no reason the auction house wouldn't tell you, they have it in their inventory probably by number, possibly VIN. If the car did sell for more then the loan, you are right, the difference would be sent to your sister. I'm curious how you know it sold for more? Cars sold at these auctions are sold for pennies on the dollar, most buyers are car dealerships, bringing inventory to their lot.
2007-05-03 15:21:22 · answer #2 · answered by fisherwoman 6 · 0⤊ 2⤋
She should be able to request all information and paperwork pertaining to her loan from the finance company. However, it may require an attorney to get them to hand it over. If the car was resold for $9000, and she owed $5500, and they likely added $2500 in repossession fees and repairs, then she would be owed about $1000. Yes, there will be a considerable amount owed for "fees".
2007-05-03 05:18:56 · answer #3 · answered by J.R. 6 · 0⤊ 1⤋
Gemma is right, she gave up any rights to the vehicle or the value when she defaulted on the loan. It doesn't matter how much the dealer resold the car for, because that is the retail arm of the dealership, when they placed value on the car it was wholesale. So there probably isn't any equity anyway.
2007-05-03 05:15:21 · answer #4 · answered by jay 7 · 0⤊ 1⤋
Your sister won't see a brass penny. Bare in mind that auto-finance wasn't designed to help the buyer and neither were repossession laws. That stinking motor dealer will be charging all sorts of hidden costs to justify his higher sales price.
Put it to bed, chalk it up as a lesson learned, and finance your wheels (if you have to) with a reputable finance institution.
Good luck.
2007-05-03 05:13:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
She is entitled to an accounting from the bank or company that loaned the money.
Keep in mind that from the sale they also deduct towing (or repo costs), storage, advertising, sale costs and basically anything else related to the action. That will eat away at that surplus very quickly.
BUT.. if there is a surplus then she is entitled to it. She is just going to have to work to find out if and how much.
.
2007-05-03 05:08:54 · answer #6 · answered by ca_surveyor 7 · 0⤊ 1⤋
im going thru something very similar... my loan was bout 10,800 and one yr later at auction they sold the car for 12,4oo. they re trying to tell me the remaining balance after the car was sold was 6,000.. lol im trying to prove insolvency at the moment. how can there be a remaining balance if they made more than the original loan? the difference is 4,357 not 6 Gs... im getting a tax attorney.. good luck with yours!!!
2015-02-27 01:55:38 · answer #7 · answered by RStarChild2 1 · 0⤊ 0⤋
communicate with the economic corporation supervisor "head to head" FIRST. you pick clarity. there's a miscommunication someplace. merely by fact he's the administrative, does no longer propose he's time-honored with of what is going on as he bargains with many shoppers on countless subject concerns. Be calm and composed by fact getting "irate" gets you Nowhere speedy, and the administrative might have you ever faraway from the premises, leaving not extra useful than previously. the administrative additionally has the skill to have your document pulled for his inspection as to what went down. he's your hyperlink to getting the difficulty the two resolved or clarified. it relatively is his job. Did somebody say it verbally to you that they have got been given adequate? Who? Names are considerable now, yet merely having somebody "say" they have been given adequate is vulnerable in any court docket. Did the economic corporation deliver you a letter pointing out that they have got been given adequate? it relatively is your criminal evidence checklist. it relatively is like an iron fist into the economic corporation's gut. it variety of feels to me, as you describe the area that the economic corporation is stealing money from you. "That" you may say to the administrative. He is familiar with the place you're coming from...and address your subject himself.(by fact he has that skill) stepping into user-friendly with a attorney, will merely be like slapping him in the face. So, wager who could have the money for the costlier, extra especially qualified attorney? additionally wager who has paper information which you signed. Paper beats any attorney. Making an appointment to verify the economic corporation supervisor is the main inexpensive course to circulate(and specific the quickest too)
2016-10-04 08:00:35 · answer #8 · answered by ? 4 · 0⤊ 0⤋
if the car was repossed then she defaulted on the loan and the car was no longer belonged to her. You can check with the dealer but I am sure they will tell you the same thing.
2007-05-03 05:11:59 · answer #9 · answered by blu_drgn25 4 · 1⤊ 1⤋
your sis was lucky
usually the car is repossessed and if the car sells for less than owed She owes
write it off
2007-05-03 05:07:11 · answer #10 · answered by Anonymous · 0⤊ 1⤋