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PSA: More banks suing even after repossessing vehicles
Just because your car has been repossessed doesn't mean you don't still owe the bank money on it. If that vehicle gets sold at auction for less than the bank is owed on it, the difference is called the "deficiency." And as MSNBC informs, banks are increasingly suing to get that deficiency amount back, plus applicable attorney's fees. With the increasing cost of vehicles, smaller down payments, and longer loan terms, it is easier than ever to get upside-down on your car loan. Furthermore, banks don't send a repossessed car to auction and work ... Read more →
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PSA: More banks suing even after repossessing vehicles 12 months ago on Autoblog
Just because your car has been repossessed doesn't mean you don't still owe the bank money on it. If that vehicle gets sold at auction for less than the bank is owed on it, the difference is called the "deficiency." And as MSNBC informs, banks are increasingly suing to get that deficiency amount ...
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