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.
If the leasing company repossesses your car, you'll owe a sum of money. Find out how much.
In some situations, the law prohibits a car lender from trying to collect a deficiency balance after a car repo.
Here's when you should consider hiring an attorney if your car lender sues you for a deficiency after repossessing your vehicle.
If a car lender sues you for a deficiency after repossessing your car, you may have some defenses to the lawsuit.
Find out if your car lender can sue you for a deficiency after car repossession in Florida.
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