Do I have an obligation to pay the balance on my repossessed car? 3 Answers as of August 31, 2011

Am I obligated to pay balance on car repossession sale if the car was sold under the value of balance owed?

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Joseph Lehn, Esq
Joseph Lehn, Esq | Lehn Law, PA
You will be responsible for the deficiency balance.
Answer Applies to: Florida
Replied: 8/31/2011
Law Office of John C. Farrell, Jr.
Law Office of John C. Farrell, Jr. | John C. Farrell, Jr.
Once the car is repossessed the creditor will sell it at auction and any money that is owed after the sale plus all the costs of repo and storage will be your responsibility. The creditor can and will likely pursue a deficiency action against to try to get the money.
Answer Applies to: Massachusetts
Replied: 8/17/2011
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