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My husband had an expensive car, when he lost his job & settle for a lower pay instead, his car was repossessed. He thinks he still has balance to pay for the car. Some of our friends say, the debt collection agency will contact us soon to demand the rest of the car payment, even after the car has been sold to someone else. Is this true? How does it work anyway?

7 Comments »

1. 

   The banks would always want their money back with intrest so if the car has been repossessed then the bank will try to sell it in open market & if a balance amount still remains then your husband has to pay it.Try to to find out from the bank who financed the car to know of the current situation.

   Comment by vas singh. — May 14, 2010 @ 6:37 am

2. 

   You still owe your debt on the car. Yes, you are still responsible for your debt if they sell the car – although I’m not sure if its the total amount or just the difference between what you owe and what they got for the car.

   Comment by j — May 14, 2010 @ 6:37 am

3. 

   My understating on this is that when they reposes the car they go and sell it on an auction if there still a balance they will send u and invoice for the rest of them amount.

   Comment by Rocker — May 14, 2010 @ 6:37 am

4. 

   Yes it is true. Your husband is LEGALLY on the hook for every cent that he took from the bank and did not pay back. The repo of the car might pay off a chunk of that balance, but he is still on the hook for every last cent.

   Comment by Ryan M — May 14, 2010 @ 6:37 am

5. 

   yes. you will owe for the loan balance plus the added costs of repo and whatever else the agency can tack on, minus the amount the car sells for at auction ( which probably won’t be what it is truly worth ).

   Comment by wg0z — May 14, 2010 @ 6:37 am

6. 

   They will sell it for any price they can get, then sue you for the rest!

   Comment by HDRIDER — May 14, 2010 @ 6:37 am

7. 

   My friend was in the same situation Yes, you are still responsible for your debt. When they repossessed the car, it is sold in an auction usually for less than what you owed. The difference between what you owe and what they sold the car for is what you are responsible for. This is a long process. My friend thought he was off the hook after 9-12 months because he didn’t receive any notice whatsoever until the BILL came…

   Comment by out for softball — May 14, 2010 @ 6:37 am

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