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In some states, if they find controlled substances in your car, the police will seize the car and sell it at sheriff’s auction.
What if the person who gets caught with the drugs happens to owe more on the car than it’s worth? If he defaults on the note (and why would he keep paying for a car that the police took?), what could the repo man take?
Posted in: Auction FAQ | | Comments (4)
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And if the amount of money is short what is due on the loan you make up the difference.
You signed a contract with whoever put up the money for the car, it is your responsibility to make that person whole.
Comment by JohnnyK — July 14, 2011 @ 11:32 am
The note holder would sue the person to pay on the contract, since getting the car seized by the cops is likely an event of default on the loan.
Comment by john_carlton08 — July 14, 2011 @ 11:32 am
They won’t take the car.
Comment by Annie — July 14, 2011 @ 11:32 am
They don’t seize the car, that would be illegal if the police have it. They do go after you for the money, but since you are in jail, you don’t have to worry about that either.
Comment by Dan H — July 14, 2011 @ 11:32 am