If I have a car repossed and the lien holder sells the car for less than was owed can they ask me to pay the difference.
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yes...under the contract you signed you are responsible for the remaining of the balance.
most of the time if it was through a bank or a type of finance company, you will be notified of the remaining of the balance. after you have been notified a few things will happen.
they will put it on your credit as a balance due instalment loan along with repossession. if failed to pay they could garnish your wages, sue you, or most of the time just put on credit report.
best thing to do is call and ask them do work a payment plan you can afford. most of the time they will do this no problem.
good luck and hope this helps.
answered 1 year ago
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Yes... You will have to pay the difference but you can talk with the loan company to accept a lower payoff amount and have them also remove it from your credit report as part of the settlement. Have them also send you a "paid in full" letter stating it was removed from your file.
answered 1 year ago
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