After repossession, we would typically sell the vehicle to recoup some or all the outstanding loan balance and fees. If the vehicle is sold for more than the loan balance and fees, the difference would be sent to you.
If the sale proceeds do not cover the entire loan balance, you will owe the deficiency balance. In most states, you have the right to receive a notice of sale and a post-sale deficiency notice, including how the proceeds were applied and the amount remaining.
Repossession can also negatively impact your credit score, making it more challenging to obtain credit in the future.
If your vehicle has not been repossessed yet, we may still be able to help. To discuss possible options, please give us a call at 855-282-6353 Monday–Thursday from 8:00 am–10:00 pm, Friday from 8:00 am–8:00 pm, and Saturday from 9:00 am-6:00 pm ET.