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What happens after a vehicle is repoed and auctioned off

 
PaulMJD's Avatar
  • Answered by:PaulMJD
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san Antonio, Texas

Submitted: 1806 days and 21 hours ago.
Category: Legal
Value: $15
Status: CLOSED
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Expert:  PaulMJD replied 1806 days and 21 hours ago.

HiCustomer Thank you for asking your question on Just Answer. The other Experts and I are working on your answer. By the way, it would help us to know:

Please be more specific about your question.

Thank you again for trusting us with your problem. Please reply as soon as possible so that we can finish answering your question.

Customer replied 1806 days and 20 hours ago.

Reply to PaulMJD's Post: I cosigned on a loan for a vehicle and it was repossessed and auctioned off. I was contacted by the bank that they wanted to know if I could pay-off what was left and they would correct my credit rating before they went to court. They tell me they can only come after me since the other party has no assests. Is this true, am I the only one liable for the rest of the money owed or is the other party just as responsible to pay or will the judge only have me pay since I am the one with something to lose?

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Expert:  PaulMJD replied 1806 days and 20 hours ago.

Unfortunately, you will be the one responsible. You could seek to recover your money from the responsible party through a suit, but if they have nothing, then you get nothing. I am sorry for your situation. The best thing to do is try to make a deal with the company to reduce the amount you have to repay.

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