QUESTION
If your car was repossessed and then they sold the car, do you still have to pay for the car?
Asked on Jan 21st, 2014 on Bankruptcy - California
More details to this question:
The place where I bought the car had it repossessed and then sold the car for what was owed and now they want me to pay for the car after they got it back and sold it. Do I still have to pay?
7 ANSWERS
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
You could be required to pay any deficiency
Answered on Jan 23rd, 2014 at 5:30 PM
Debt Collection Attorney serving Chicago, IL
Partner at
Edelman, Combs, Latturner & Goodwin, LLC
2 Awards
Assuming that the sale was commercially reasonable and that all notices were properly given, yes, you are liable for any deficiency.
Answered on Jan 23rd, 2014 at 5:29 PM
When you have a car repossessed and they re-sell it, the amount they get for it is usually less than the remaining debt on the car. You are liable for that deficiency.
Answered on Jan 23rd, 2014 at 5:29 PM
Business Law Attorney serving Bingham Farms, MI
at
James T. Weiner, P.C.
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You may have to pay what is called the deficiency.. the amount you owed, less the amount they sold it for is all you should have to pay
Answered on Jan 23rd, 2014 at 5:29 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
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You will have to pay their loss an expenses.
Answered on Jan 23rd, 2014 at 5:29 PM
Commercial Collections Attorney serving West Palm Beach, FL
at
Dion & Forsyth, P.A.
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Yes. You would still be responsible for the remaining balance under the purchase agreement.
Answered on Jan 23rd, 2014 at 5:28 PM
Yes. You are responsible for the difference.
Answered on Jan 23rd, 2014 at 1:43 PM