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Daniel Solutions
Daniel Solutions, Lawyer (JD)
Category: Legal
Satisfied Customers: 9934
Experience:  Practing General Attorney,
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if a vehicle is reposessed do i have to pay what they dont get from auctio

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Submitted: 8 years ago.
Category: Legal
Expert:  Daniel Solutions replied 8 years ago.
Unfortunately yes you woud have to pay the difference between the balance of the loan and what they received from reselling the vehicle. Perhaps they will accept payments if you don't have the full amount. Another option is to consider filing bankruptcy but you should meet with a bankruptcy attorney before actually filing so you're aware of how it will affect you and your credit.