If your car was repossessed and then they sold the car, do you still have to pay for the car? 14 Answers as of January 23, 2014

The place where I bought the car had it repossessed and then sold the car for what was owed and now they want me to pay for the car after they got it back and sold it. Do I still have to pay?

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The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
You still owe the difference of what you owed and what they sold it for
Answer Applies to: New York
Replied: 1/23/2014
Stephens Gourley & Bywater | David A. Stephens
You have to pay for any loss the bank suffers. So if you owe $10,000.00 and they sell the care for $8,000.00, you would owe them $2,000.00.
Answer Applies to: Nevada
Replied: 1/23/2014
Law Offices of Damian Boz, PC
Law Offices of Damian Boz, PC | Damian Boz
Yes. If there was a difference between what the car was sold for, and what you owed under the terms of the contract, you can be held responsible for the difference. For example, if you owed $10,000, but after being repossessed the car was sold for $6,000.00, you will owe $4,000 plus any costs associated with the repossession.
Answer Applies to: Massachusetts
Replied: 1/23/2014
Meister & McCracken Law Firm, PLLC | Joanne M. McCracken
Yes, you will have to pay unless you discharge that debt in a bankruptcy proceeding. The company will most likely sue you, get a judgment and start garnishing your wages to collect.
Answer Applies to: Arkansas
Replied: 1/23/2014
Law Office of Stuart M. Nachbar, P.C.
Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
You could be required to pay any deficiency
Answer Applies to: New Jersey
Replied: 1/23/2014
    Westgate Law
    Westgate Law | Justin Harelik
    Yes. You are responsible for the difference.
    Answer Applies to: California
    Replied: 1/23/2014
    Dion & Forsyth, P.A.
    Dion & Forsyth, P.A. | Douglas W. Forsyth, Esq.
    Yes. You would still be responsible for the remaining balance under the purchase agreement.
    Answer Applies to: Florida
    Replied: 1/23/2014
    Hoang & Tran PLLC | Adam Tran
    You should not be responsible for the debt, but may be responsible for the difference between what you owe and the purchase price of the vehicle.
    Answer Applies to: Texas
    Replied: 1/23/2014
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