To: fwdude
When the bank sells the re-poped vehicle,and the total amount of the loan is not satisfied...the previous owners are on the hook for the remainder of the balance.
To: 4yearlurker
When the bank sells the re-poped vehicle,and the total amount of the loan is not satisfied...the previous owners are on the hook for the remainder of the balance. Yep. And these new vehicles loose 20% of their value once they drive off the vehicle lot.
A housekeeper of my mom's is always running from her creditors. She had a new car repoed within 4 months of getting it, and she had trashed it in that short time span.
22 posted on
08/04/2022 9:32:54 AM PDT by
fwdude
(Racism is not dead, but it is on life support - kept alive by politicians….” — Thomas Sowell)
To: 4yearlurker
“When the bank sells the re-poped vehicle,and the total amount of the loan is not satisfied...the previous owners are on the hook for the remainder of the balance”
There are a few non-deficiency states.
95% never pay deficiency balance and the others are settled at about 60%
(the ones who had co-signers)
26 posted on
08/04/2022 9:37:03 AM PDT by
algore
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