GMAC just repossessed my car, do I still owe the company money for it?
My friend told me that she once had her car repo`d and once it was taken she never had to pay anything else. Is this right?
Car reposession
Posted on Tuesday, June 17, 2008
posted by Questions @ 10:28 am
1 Expert Comment:
At June 18, 2008 |
3:10 pm
, Barton Goth GCO Bankruptcy Trustees Said...
This partially depends on how the original contract was set up, but typically you will be responsible for a portion of it. The portion you will be responsible for is the full balance of the loan less the amount the vehicle will be sold for (net of reposession and sales costs). This portion you are responsible for is referred to as the “shortfall” of the vehicle loan.
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