What happens after a bank has repossessed a car? This is a question many people ask after not keeping up with the regular payments. You want to know what your rights are since you are paying the vehicle off and “it is basically yours”. The truth is that the car or home is not yours until you have paid it in full. Yes. It is sad, but it is the truth. So, can the bank repossess a property or vehicle even if you have paid seventy percent of its payments? Yes, they can! Every cent counts. It is not something we would like to face, but it is something that happens, and to the best of us.
So, before you fly into a rage or throw a tantrum, here is the answer to: what happens after the bank has repossessed your car and left you with no transport to get anywhere. What happens is that the vehicle will be taken to a repo storage facility. This is only if the bank has given them no other instructions. The car will remain there until you pay what is owed on the car. Normally, they will give you ten days to do so. If you cannot pay, the cars get re-marketed. This can be a private sale or even at an auction. If the car is sold for less than what you still owe on it, you are still liable for the remaining costs. If it is more than what you owe, this is known as surplus you will be paid the difference.
This is basically what happens when your car is repossessed. It is taken away due to non-payments and you are given a time limit to come up with the money. After that time and nothing has been paid from your side, it is re-marketed. If you believe you have been treated unfairly in any way then the best thing to do is approach a professional lawyer to get some solid legal advice on the repossession issue.