Latest Posts
Home > Ask The Get Out of Debt Experts > My Car Was Repossessed. Do I Have to Pay The Entire Loan Back? – Barbara

My Car Was Repossessed. Do I Have to Pay The Entire Loan Back? – Barbara

“Dear Steve,

My car was repossessed and the lender told me I will need to pay the entire sale price plus fees occurred and my pass due fees. I live in Georgia and I need to know is he correct for doing this and giving me only 10 days to come up with $4000 instead of $600


Dear Barbara,

Generally you would be responsible for the difference between what the vehicle would sell for at auction minus the balance due on the loan, plus repo, court, and storage fees.

When a vehicle sells at auction it is usually for significantly less than market value and leaves people owing a huge amount due. I’m wondering if this is what the lender was trying to say?

If you have any doubts about Georgia law then you’d need to contact an attorney licensed in Georgia for specific legal advice.

Please post your responses and follow-up messages to me on this in the comments section below.

Get Out of Debt Free Hotline
debt settlement helpstudent loan help

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.


I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.