Ok, if you are listed as the lienholder on the title, then if the buyer defaults, you could legally repossess the vehicle, sell it, and then sue the buyer for any deficiency.
According to the NC Dept of Justice
You're delinquent with the payments on your automobile loan
and your creditor is threatening to repossess your car.
Here is what you need to know:
• Contact your creditor when you realize that you will be late with a payment. Many creditors will work with you to set up a payment plan.
• If you miss a payment or you default on your contract in any way, such as letting your insurance coverage lapse, your creditor has the right to repossess your vehicle. Your creditor is not required to give you any advance notice of the repossession.
The creditor or its repossession agent is allowed on your property to seize the vehicle as long as there is not a "breach of the peace."
• If you think your vehicle is in danger of being repossessed, it is best that you remove all of your personal items from the vehicle as soon as possible. After the vehicle has been repossessed, it can be difficult to retrieve your personal effects even though the creditor has no legal right to retain them.
• Once your vehicle has been repossessed, your creditor has the right to ask you to pay the delinquent amount in addition to the expenses of repossession. The creditor may also demand that you pay off the balance of the loan in full.
• If you are not able to pay these costs to retrieve your vehicle, the creditor has the right to dispose of the vehicle through a public or private sale.
You should be notified of the time and place of the sale.
• After the vehicle has been sold, you will be notified by the creditor about whether you still owe money for the "deficiency balance."
The deficiency balance is the amount owed after the proceeds from the sale of the vehicle have been applied to your total loan balance.
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