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Auto loans

I was told I still owe money even though my car was sold. What can I do?

Even if your car is repossessed and sold, you may still owe a balance if the proceeds from the sale are not enough to pay off the amount you owe. You are entitled to an accounting of the proceeds of the sale, which will tell you if you owe any additional money on the loan. Any amount that you still owe is called a “deficiency balance.” State laws describe how the sale has to be conducted and whether and how a deficiency can be collected.

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