loan charged stale? I thought if a bank took stern your car, sold it, and

I thought if a bank took stern your car, sold it, and nominated it as charged off on my credit report. No spare payment be due. Is this correct, or can they still sue me?

Answers:
Yes, they can sue you for any deficiency departed on your loan. For example, if you still owed $10,000 and the bank just sold it for $7,000, you could be sued for not only the $3,000, but the cost of the repo and any expenses related to selling your vehicle.

Other Answers:
They can still sue you. If the amount they sold it for (minus salvage and preparation cost) is less than the amount that you owed on it, the wall can sue you for the difference.

They can if you owed more than they sold the car for.

Of course they can! Where did you ever draw from the idea that they couldn't? If they didn't go and get enough out of the mart to pay stale the outstanding balance of the loan, you still owe the go together. Read your loan contract; it's right there contained by black and white!

Typically when a vehicle is reposessed the lender will tack on a bunch of fees to the outstanding loan balance. The cost of the reposession, storage fees, repairs, cleaning, insurance, etc, yadda, yadda. Interest continues to accrue on the resourceful balance as resourcefully as the additional charges and fees. When they do trade it, they apply the proceeds of the sale to your outstanding set off, which is often immediately hundreds or even thousands more than the day previously the reposession. If that was not plenty to pay past its sell-by date the debt, you owe the difference. On extremely rare occasion the sale will bring within more than the outstanding debt. In that case, they'd cut you a check and you'd be contained by the clear. You'd still have the repo on your credit report, though.

The chargeoff on your credit report system that the lender has written the loan sour to clear it off of their stability sheet. It also screams "Dead Beat" to other potential creditors. It does NOT excuse the debt, however! If you don't settle up it off in the blink of an eye, they'll start collection proceedings against you.