Legal Question in Credit and Debt Law in Florida

vehicle repo

are you libel to pay for the entire loan of a repossed vehicle


Asked on 2/27/07, 10:36 am

1 Answer from Attorneys
Barry Kaufman The Law Office of Barry W. Kaufman

Re: vehicle repo

Usually, after a vehicle is repossessed, it is cleaned up for sale and sold at auction. The cost of repossession, clean-up, etc. is added to your loan amount. The sale amount is deducted from your loan amount. The amount left over, if it's not enough to pay off the loan, is called the deficiency, and that's what you owe.

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Answered on 2/27/07, 3:23 pm


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