Overhaulin'

can a title loan company sell a repossessed car for more than the balance on the vehicle.?

if someone were to take a title loan out on their car for $1,000 and forfeit the loan with a balance of $800 can the company that repossessed the vehicle legally sell it for more than the balance on the loan? utah

Public Comments

1. They can sell it for whatever they can get, the car belongs to them...
2. Yes most of the time they put it up for auction unless they think they can get more selling it on a car lot BUT if you go to them and have the 800 and pay it back they will sometimes give it back to you if they are decent people. Really when it comes down to it they just want there money! good luck and I hope this helped.
3. When the co takes the car back then it is theirs to do what they please with it so YES they can sell it for more. Stop to think for a minute - they will NOT loan $1,000 on a car that is only worth $1,000 (more like $1,000 on a $5,000 car) so if they repossess your car they WILL sell it for more money.
4. of course they can. They can sell the car for the best offer they get. They own it. How do you think they make all their money.
5. Yes but they have to give you the remaining money. If they dont its illegal
6. 100% yes. I should know because we research this process. The car title loan company is required to forward to you the overage but not before they recover your loan, the fees, recovery costs, reasonable admin fees and other fees as allowed by law. In most cases these fees are as much as they sold it for leaving you not much more. All this depends on the car value but in almost all cases the title loan company either takes a hit or its a wash.