Repossession does not always mean the debt is gone.
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Repossession does not always mean the debt is gone.
Repossession does not always mean the debt is gone. After a vehicle is repossessed, the lender may sell it and apply the sale amount to your loan balance. But if the sale does not cover the full amount owed, plus allowed fees and costs, you may still have a remaining balance. That remaining amount is often called a deficiency balance. Before ...
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