[jrob1969]

I had a car that was repossed and the lender sold it but is charging me the full amount of the loan. How do I find out how much he sold the vehical for and would I only owe the diffrence

[SBU]

You need to check your contract under repossession to see what your rights are. I've never had a car repossessed so I don't know exactly what the terms are when it happens. I do know however that they typically sell it for a negligible amount (whatever they can get at an auction) and you will owe them at least the difference plus interest. Like I said though, you need to go over your agreement again to see what you can do about it.

[Fr_Chuck]

Normally what you will owe for is the difference but::::

First they have legal fees they add, then they add repo fees, storage fees till it is sold, sale and advertising fees.
So if you owed 4000 dollars before the repo it is most likely the added money could well be another 2000 to 3000 dollars, and if your car was really worth lets say 5000, it would bring at a repo sale less than 2000 most likely.

So normally on a repo, you will owe more after the sale than before the sale.

[butterbar77]

Same as SBU, I've never had anything repossed; however, you should probably talk to an attorney. Common business ethics would say that you should NOT owe the full amount if the lender sold the car. I would think (not a professional in this field) that you may owe the difference, but they need to show proof of what they sold it for and that they made an ernest effort to sell it for the most (usually at a regulated auction house). Like I said, an attorney may be able to give you better legal advice in a free initial consult.

[ScottGem]

Bottom line is you ask for an accounting. You are entitled to an accounting showing the balance at time of default, the deduction of any sale proceeds and the addition of any fees and interest.