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How do banks or auto dealerships expect a person to pay off the remaining balance of a reposessed vehicle ?
28th May 2011
if reposesses the vehicle..how does the bank or finance company expect the person to pay off the remaining balance of the vehicle? and which percentage of the time..do they sell the vehicle at auction for a fraction of what it is worth? (why they do this too? and which percentage of the time do they just put it on their car lot and sell again as used ? why not do this?)
please explain what you can
and out of curiousity , if you know,,how this differs between Britain and the USA and why?
thanks for your answers!
Can the auto dealership where I I bought vehicle repossess my car if my payment goes to finance co?
10th July 2009
I financed a used vehicle from a car lot and paid in cash a total of 00.00 for a down payment to the dealer. The total price of vehicle was 00.00. The remaining balance of 00.00 was financed through a loan company/bank. My first payment due gave me a 10 day grace period from date due, and a late charge owed if paid after that. Three days after grace period the dealership towed my vehicle. The finance company knows nothing and says dealer has vehicle, but dealership says finance co. has vehicle. Two days no answers from either party. What do I do? Is this legal? Please help legally. Thank you. How do I get personal belongings back imediately that I have in car?




