Deficiency After Car Repossession

If your car has been repossessed, that may not be the end of the story. Once your lender repossesses your car, van SUV, motorcycle, truck, or other vehicle, it must provide you with certain notices and then can sell it at auction. If the price your car fetches at auction does not cover the amount you still owe on your car loan, you will owe a "deficiency." The car lender can try to collect the deficiency from you, although you may have a defense or your state may limit the amount it can collect.

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