I have a friend who had a car repo because of financial problems. I would like to know if someone has had this happened to you what happens to the car being sold at auction but what happens to the license tag. My friend Sue is worried that she now has to pay for the insurance and a new tag because it is up at the end of the month and she just wants some advice from someone who is not too scared to answer this.
Originally posted 2009-05-16 18:37:08.
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oh man, im way to scared to answer this, sorry, im just too scared.
This question frightens me…..
Tough break – yeah, she is on the hook for both the registration AND insurance. At least until the next time it runs out.
When this happened to my ex., he did not have to pay for the insurance or the tag…actually the tag was turned in and we dropped it from the insurance. As far as the auction, what they will do is what ever she owed on the car, if they don’t get what it was in the auction they will bill you for the difference. If that happens, most companies will work with you to pay the difference, but if she doesn’t pay they will turn it over to a collection agency. They can’t sent you to jail or garnish your wages…The worst they can do is file a judgment against her which means if you sell any major property such as houses or land or if she is the beneficiary of a life insurance policy or she has one out on her and something happens, they will have the legal right to take what you owe out of that and you will get the difference.
Hope this helps, and Good luck and God bless to your friend!