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Loren
Loren, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 29062
Experience:  30 years experience in general legal matters.
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If a vehicle is repossessed and sold at auction and the Lien

Customer Question

If a vehicle is repossessed and sold at auction and the Lien Company do not get the full principal amount expected, can I be billed to make up the difference?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Loren replied 1 year ago.

Yes, as a general rule, if the auction fails to raise enough to pay off the outstanding balance of the loan then the borrower may be held liable for the shortfall.

Expert:  Loren replied 1 year ago.

Youu may have a defense if lender sold the vehicle for less than the market value of the car.

Expert:  Loren replied 1 year ago.

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