[tlw08]

Tlw08-- I Live In Michigan, My Car Was Reposessed And I Was Told By My Financial Instution That In Order For Me To Get My Car Back Under Michigan Law That I Had To Find Somewhere Else To Refinance My Car, For The Amount Owed, Is This Correct? Also I Was Told That They Will Sell The Car For What It Is Worth, If It Is More Than What I Owe Does The Money Go To Me Or The Bank?

[LawResearcherMissy]

Yes, you need to obtain other financing.

The chances of the car selling at auction for more than it is worth are slim to none. If anything, it will likely sell for somewhat less than it's worth, and you'll be responsible for paying the difference.