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by Nanna53 on March 3rd, 2006

Nanna53

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If a vehicle is repossessed and sold at auction for less than the amount owed, does the finance company still expect you to pay the balance?

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  • by RedJohn on March 9th, 2006

    RedJohn

    Yes.

    You signed a contract agreeing to pay a certain amount of money in a certain manner. Such a contract will state that you can use the vehicle, until it is paid in full according to the terms of the loan. Contracts also include a list of the penalties that may be imposed if you fail to meet the terms and, often, a description of possible resolutions. If a vehicle has been repossessed, it means the purchaser did not meet the terms of the contract.

    Since you agreed to the terms of the contract by signing it, you are liable for payment. In full. In addition, you may be levied the costs of the repossession.

    Losing the vehicle does not relieve you of the responsibility to pay for it.

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