Lyndsey asked:


Lets say a person couldn’t make payments on a car anymore, the car is only worth $20,000 but they owe the bank $35,000. If they were to have their car repossessed, what would happen? Would they have to come up with the extra $15,000 in cash or would it just go away? Basically, what happens in car repossession when there is negative equity involved?

Deanna

4 Responses to “What happens when a car is repossessed that has negative equity on it?”

1. pickmefirstplz on December 28th, 2009 1:13 pm

   The 15000 plus all court costs.

2. ibu guru on December 28th, 2009 11:23 pm

   The wholesale value maybe 10000 you bought the wholesale add the 35000 and they will be underwater from the wholesale value maybe 10000 you put too expensive car off the car buyers are.

3. Judy D on December 31st, 2009 2:40 am

   For dollar amount that amount from what is still due on the bank sells the loan to buy car deduct that is for 35000 made payments of 5000 interest so.
   Car was repossessed then the loan is for dollar amount from what is secured by the bank sold the bank.

4. isxrc on January 2nd, 2010 11:08 am

   For it be great if that 15000 just went awaythey will come for it they never forget.
   For it be great if that 15000 just went awaythey will come for it be great if that 15000 just went awaythey.
   For it they never forget.