2007-06-13 18:08:44 · 6 answers · asked by shannon h 1 in Business & Finance ➔ Credit
Yes they can. You will owe the differnce in what the car was worth and what they sold it for at auction.
Good LUck!
2007-06-16 10:07:49 · answer #1 · answered by Miss Know It All 6 · 3⤊ 0⤋
Of course they can do this. When you surrendered the car, they sold it auction for what they could get. You owe the difference between your loan and what they got for the car. That's why they have a collection agency coming after you.
2007-06-13 23:25:55 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
When you give up your property the debt is not canceled. The bank sells the property and you owe the difference. ie You give back a car on which you owe $10,000 - the bank sells it for $6,000 - you still owe the difference of $4,000
2007-06-13 18:17:08 · answer #3 · answered by onparadisebeach 5 · 1⤊ 0⤋
The bad new is yes; the good news is that professional arbitrators or negotiators can sometimes get you out for 35 cents on the dollar.
2007-06-14 02:00:50 · answer #4 · answered by stephen l 2 · 0⤊ 0⤋
Yes they do it all the time.
You still owe the deficiency balance (what you owed on the car minus the amount they realized after selling it).
2007-06-13 20:52:25 · answer #5 · answered by Jack 6 · 0⤊ 0⤋
Yes, its what they generelly do. They sell the car at auction and come after you for the rest of the money that is owed.
Pretty standard.
2007-06-13 18:15:42 · answer #6 · answered by Anonymous · 3⤊ 0⤋