You Don’t Owe the Full Balance After a Repossession
Here’s the truth most don’t know:
After your car is repossessed, the lender usually sells it at
auction to recover some of the debt.
Under the FCRA and state laws, you should only owe the
difference between the loan balance (X) and the amount
the car was sold for (Y).
That means :
Remaining balance = X - Y
Not the full loan amount.
If your credit report still shows the original full balance,
you may have a legal claim.
You Don’t Owe the Full Balance After a Repossession
Here’s the truth most don’t know:
After your car is repossessed, the lender usually sells it at
auction to recover some of the debt.
Under the FCRA and state laws, you should only owe the
difference between the loan balance (X) and the amount
the car was sold for (Y).
That means :
Remaining balance = X - Y
Not the full loan amount.
If your credit report still shows the original full balance,
you may have a legal claim.
