If only it worked that way.. haha.

 

yes if it happens that way b/c banks arent in the business of selling cars.

so here is what happens.

your car gets repo'ed and you owe 3,000 on it.
the bank sells it and gets 4,500 for it.

4500 - 3000 to pay out the loan = 1500 in gross earnings. now deduct and repo/collection fees (locating, recovery, towing, storage, etc) and they usually find a way to dissolve any excess earnings. BUT if there is any net income, they are required to give it back to the borrower.

 

omg!!! hahahahahahahaha

 

only in some states.

in NY, you are the titled owner of the car, the bank just has a lien on your title.

in some states (title-holding states) the car becomes yours when you pay the loan off.

 

My car is registered in NYS but I don't have the title

 

where is the title?

 

I dunno?

 

if the car is titled & registered in NY, you should have your title. The exception would be a lease or in some cases, dealer financing.

 

lol how does that work? did they mail it to you then you lost it, or did you just never get it in the 1st place.?

 

id bet on the former h: