Wednesday, July 20, 2011

Why do so many auto dealerships and banks want to repossess vehicles so early for hardly any reason?

When a lender repossess a car, they normally sell it at auction for whatever they can get. They then sue you for the balance of what you borrowed against the car. Your obligation to pay the loan, does not end when the car is repossessed. It ends after you satisfy the original loan, regardless how little the car sold for at auction.

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