Section 16-345. PROCEEDS OF SALE OF REPOSSESSED MOTOR VEHICLE

 

345.1In the case of a private sale of a repossessed motor vehicle, the proceeds of the sale shall be deemed to be the larger of either the amount actually received as the consideration for that sale or the fair market value of the motor vehicle in its then condition as of the date of the private sale.

 

345.2The proceeds of any such sale shall be applied:

 

(a)To the actual and reasonable cost of the sale;

 

(b)To the actual and reasonable cost of retaking and charges for putting the motor vehicle in reasonable saleable condition, and for storage: Provided, that storage charges shall not exceed three dollars ($ 3) per day and may begin no earlier than the day after the repossession;

 

(c)To the unpaid balance owing under the contract at the time the motor vehicle was repossessed; and

 

(d)Any balance remaining shall be paid to the buyer, and if a deficiency arises the buyer shall be liable for that deficiency if the contract provides for the deficiency. A written statement showing the disposition of the proceeds and any deposit made shall be furnished to the buyer by the holder.