If my vehicle is repossessed, and subsequently sold for more than what is owed, am I entitled to any money back?
by 
James Tyler
ANSWERS: 3
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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.
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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.
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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.
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