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by Anonymous on April 9th, 2008
Actually the answer is yes. If there is a gain on
sales above what you owed and the cost of repossesion
it most certainly goes back to you. This usually
occurs if the loan was paid down quickly and something
major like a job loss or illness occured and payments
stopped being made. The "profit" does not go to the
lender.
It is something that lenders do not want you to
know.
by Prettyaquapunk on May 1st, 2009
RedJohn,
You do not get the amount that you owed on the vehicle, but any profit above and beyond that amount is yours. You do not owe them anything other than the balance of the loan, therefore you are entitled to the extra funds. The problem is, the creditor will not contact you to retrieve your monies. It is your responsibility to contact them to get the money.
by RedJohn on March 9th, 2006
Nope.
You never owned the car in full: the finance company owned it. If it was repossessed, it means that you did not meet the terms of the contract. In such a case, the company can repossess their property and dispose of it as they wish. If the car sells for less than you owe, you are liable to pay the balance. If it sells for more, they receive the profit, less any costs associated with repossessing the car from you. It is not your car until it is paid in full and the terms of the contract are discharged.
You are not entitled to any money back, because the terms of the contract never include such a clause. In addition, you can be held liable for any of the costs of repossession.
Is my dealer full of it?
by fargotojudy on July 3rd, 2010
| 1 person likes this
Surrendering my car. An unfinished project left lots of custom and missing interior parts. No one will buy it as is. What will the bank say?
by MikeMan33 on July 4th, 2010
| 1 person likes this
If the balance of a car loan less than 10% owed, mainly their late fees , is written off to bad debt can they still repo the car
by dleigh on October 11th, 2010
| 1 person likes this
I pd my 1st car pmt & and purchased ins as per the loan agrmnt, regardless of show\'n my proof;my car was repo\'d. what r my rights
by suzettesme on April 30th, 2010
| 1 person likes this
How long does it take U.S. Bank to repo a car with late payments
by dchase2011 on January 6th, 2011
| 1 person likes this
You're reading If my vehicle is repossessed, and subsequently sold for more than what is owed, am I entitled to any money back?
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