It depends on what was agreed to. Normally, when you buy a car from a dealer, and they repossess it, they have to sell it at auction. If it brings in more money than is owed, which is rare, that money has to go to the buyer. I would say in our case, if you resell it, and you get more than what is owed, you should give them the extra money. If you owner finance it again, they would have to wait until you are paid off before they get what is extra. In the future, if you sell cars, you may want to do a written contract that says if you repossess the car for lack of payment, you get the car and any improvements (this is standard for dealers who owner finance.
Answered on Oct 11th, 2012 at 12:45 PM