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Car loan default

I wasnt able to make the payments on a car loan and the vehicle was reposessed and sold at an auction. The financial institution that gave the loan said that even though they took back the car, I am still responsible for paying the full amount of the loan. Is this common with auto loans or are they incorrectly asking me to pay for part or all of something that I no longer own?

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Attorney answers (1)

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Note that I am not licensed to practice in your state. This is not intended as legal advice. Please check with an attorney in your state.

Typically you would owe the difference between what you owe them and what they sold the car for at auction. Check with a local collections attorney for specific laws in your state.

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