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Business → Professions & Industries → Auto repossession
ANSWERS: 2
  • meaniereen
    Yes you are still responsible for the balance remaining after your auto is auctioned/sold off. You will be responsible until the balance is paid in full.
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  • YARNLADY is happy everyday
    The lender has the right to get back the money you borrowed, plus interest. The car will be sold, and if there is still a balance owed, you must pay it off. The length of time can be negotiated with the lender, but the longer you take, the more interest you will have to pay.
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