Legal Question in Credit and Debt Law in North Carolina

I am not sure what exactly you are asking here. After a car is repossessed, most debtors have 10 days to redeem the vehicle. In other words, they can get the car back if they have paid. Most lenders will not allow the debtor to just pay the amount by which the car is behind - they want the whole amount due. As a practical matter, if the debtors had a problem paying the monthly payments then few debtors will be able to get the whole amount owed. However, the debtor has other remedies, like bankruptcy, if they want to get the car back.

If the car is not redemeed, it is then sold at an auto auction. Anyone can bid at the auction. If the car is sold for less than what is still owed (plus the repossession and sale costs) then the lender asks the debtor to pay the deficiency. The deficiency then becomes like any other unsecured debt. In the rare case, if the car would be sold for more than what is owed, the lender would return any excess funds to the debtor. I have never heard of a case where this has happened.

If you are a savvy buyer, find out when auctions will be held in or near your area (they may be out of state) and bid at the sale.