Q: In Florida what are the laws for vehicle repossession, specifically the aution/sale of vehicle and deficiency debt?
Specifically, How long does creditor have to sell vehicle and time-frame of sale results to debtor, as well as notifying credit bureaus of debt balance changes? If dealer keeps and resells the car on credit for more than what was owed what happens? Thank you
A:
Without the benefit of seeing all the underlying sale documents and financing documents, or discussing all the relevant facts with you, I can only tell you-- generally--that once an automobile has lawfully been repossessed by the creditor the debtor's "rights" in the car have been extinguished and the creditor is the owner.
That means the creditor-owner can do whatever they want to do with their vehicle--including selling the repo on credit to another buyer for more than what is owed by you.
As to what they will do in this situation, put yourself in the creditor-owner's shoes--ask yourself how long you would want to hold onto the repo vehicle? What would you do with the repo vehicle? How much is the vehicle worth--as is?
How much would it cost to get the vehicle ready for sale? The answers depend on many things known best to you.
Suggestion: If you really want to vehicle back stop asking questions that cannot be answered by strangers on the Internet and start collecting the money needed to reclaim the vehicle.
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