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If you owe money on a car still and it gets repoe'd does the amount at auction get deducted from your debt or what?
Wiki User
∙ 17y ago
The car is either sold privately or at a closed auction.Then that the amount the bank receives from the sale(the car is usually sold below market sometimes way below)is used to pay not just your loan but also any fees the lender incured to repo and sell the car.If you still owe a balance they will come after you for that.
Wiki User
∙ 17y ago
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If your car get repo do you have to pay the balance off?
They repo your car and sell it at auction or sometimes to a good buddy. What they sell it for is deducted from your debt but they add back the cost of the repo and selling at auction. Now - If they think the amount still owed is worth going after you and your assets -then they can go to court for a judgement. If you can't hang on to it ask them to take it back before they spend the money to repo it.
How can they still get money from us if they got 10000.00 at auction and you have paid 10500.00 do you still have to pay 10000.00 more for a car that cost 17000.00?
You paid $10.500 for auto. It went to auction! then it must of been repoed! How much did you owe on auto when it went to auction. the auction paid 10000 & THE COST WAS $17000. Did they send you a paper showing balance owed to car along with auction sale price. I wouldn't pay another cent to them.
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If your car was paid off, then why was it repoed? Or if you mean you paid it off after it was repoed, then if the loan company accepted your money,then they have to give you the car and title back. I would call them and get it back or your money back.
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