If Ihad a car repossessed for failure to pay off a title loan, could the amount that the loan company sells the car for be applied to my garnishment?
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If Ihad a car repossessed for failure to pay off a title loan, could the amount that the loan company sells the car for be applied to my garnishment?
Do I have the right to know how much the car was sold for?
Asked on December 22, 2011 under Bankruptcy Law, Arizona
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Yes. If you had the vehicle you were making payments on repossessed under the terms of your loan agreement, the amount that the vehicle sells for at auction will be applied to the total amount of the loan due plus accrued interest, attorneys fees, towing fees and other associated costs.
I suggest that you carefully read the loan agreement that you have for the vehicle that was repossessed so that you can calculate what the ultimate amount you will be obligated on for the vehicle post auction.
You have the right to know of the purchase price of the vehicle at the auction.
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