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2 Bumps

question about car repossession?

we had a car repossessed in march...it still has not been sold/auctioned off. we know the bank has to sell it at some point, but we are wondering if there is a limit of time? or could they take 5 years to sell it if they wanted?

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Anonymous

Asked by Anonymous at 7:33 PM on Sep. 4, 2010 in Money & Work

Answers (6)
  • I don't think they have to sell it within a certain time frame.
    Scuba

    Answer by Scuba at 7:36 PM on Sep. 4, 2010

  • I suppose it's like a foreclosure home they have it until it sells.

    musicmom08

    Answer by musicmom08 at 8:06 PM on Sep. 4, 2010

  • In a sense, its always been their car until you paid it off. So now the bank has it until it decides to get rid of it...be it by selling it or auctioning it. I had heard that if the bank repossess your vehicle and doesn't make what you owed on it when they, you are still responsible for the difference. You would have to check the laws in your state.
    WoodWitch

    Answer by WoodWitch at 8:17 PM on Sep. 4, 2010

  • I think it varies from state to state. Also you do have a certain time frame in which you can buy the car outright and get it back. That also varies from state to state. I wouldn't be surprised if your in a state that just requires them to wait a longer time period before they can sell your car.
    Erica_Smerica

    Answer by Erica_Smerica at 9:09 PM on Sep. 4, 2010

  • It just depends on the state you live in.
    mamaofficer

    Answer by mamaofficer at 10:26 PM on Sep. 4, 2010

  • i d/k
    san78

    Answer by san78 at 6:36 PM on Sep. 5, 2010

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