Does a bank or finance company have to tell you how much your repossessed car was sold for?

Your contract should say what could put you in default, but not making a payment on time is a typical example. Once you're in default, the lender may be able to repossess your car at any time, without notice, and come onto your property to take it. But the lender can't “breach the peace” when they take it.

1. How are repossessed cars priced?
2. What are the repossession laws in Illinois?
3. What are the repossession laws in Georgia?
4. What are the repossession laws in Tennessee?
5. What bank repossessed cars?
6. Do Banks Finance auction cars?

How are repossessed cars priced?

The reserve (minimum bid) price for a car at auction is usually measured against its current used trade value, with various other considerations taken into accounts, such as mileage and general condition. ... The reserve price is based only on market values and does not reflect the amount owing on the repossessed vehicle.

What are the repossession laws in Illinois?

By agreeing to the loan, you permit the vehicle to serve as "collateral" that the creditor can repossess if you don't make your payments. If you can't afford to pay your loan, Illinois laws entitle the lender to take back the automobile as long as it is done in a way that does not breach the peace.

What are the repossession laws in Georgia?

Under Georgia state law, if you are late on your car payments or have defaulted on your lease or finance contract for your car, the creditor has the right to repossess the car, sell it and then possibly sue you for the rest of the debt.

What are the repossession laws in Tennessee?

Under Tennessee law, lenders are not required to have a court order or notify you when repossessing your vehicle. They have the right to repossess your car at any time if you are behind on payments. However, lenders are not allowed to repossess a vehicle if doing so breaches the peace.

What bank repossessed cars?

Bank repossessed cars are assets that a financial institution has taken back from a client who has failed to pay for it.

Do Banks Finance auction cars?

Financing options

You may also use a financing option to pay for a vehicle won through an auction. This method of buying a car is generally done through the online auction process and requires a credit check before financing is possible.