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M

mariefefe

Guest
What is the name of your state? california
Hi there, i was wondering, i recieved a letter from my auto loan company telling me were and when they were selling my truck after repo, the thing is , What now, do i wait, or will i recieve letters, will i have to go to court, i just dont know what happens now, and what if i cant pay the balance what will they do, please help, i cant afford an attorney and have not enough to file for chapter 7. any info will help. thankyou
 


JETX

Senior Member
The lender will sell the reposessed vehicle at auction. He will then add the costs of sale to your current owed amount, then subtract the amount recovered (at auction). If there is a negative, you will owe it. If there is a positive (and there very seldom is), then they are required to refund that overage to you.

Example:
Say you owe $6000 on the car when they repo it. They incur an additional $500 in costs doing the repo, you now owe them $6500. They sell the car at auction for $3000, you know owe them $3500. The costs of auction (towing, commission, etc.) is $350. You now owe them $3350.
 

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