1. Sell the car at auction: This is the most common option, as it allows the finance company to recoup some of the money they are owed. The car will be sold to the highest bidder at a public auction, and the proceeds will go towards paying off the debt owed on the car.
2. Sell the car back to the dealer: In some cases, the finance company may choose to sell the car back to the dealer that you bought it from. The dealer can then resell the car, or they may use it as a trade-in for another vehicle.
3. Keep the car: If the finance company is unable to sell the car at auction or back to the dealer, they may choose to keep the car and use it for their own purposes. They may use it as a company vehicle, or they may sell it privately.
The decision of what to do with a repossessed car ultimately lies with the finance company. They will consider the specific circumstances of the case, including the value of the car, the amount of debt owed, and the costs associated with selling the car.
