When something gets repossed the bank will turn and sell it. The bank has no interest in owning a car, they only want the money. It most likely goes to auction and will be sold for whatever price it can fetch. The bank will apply this amount to the outstanding loan balance. Whatever is still left is up to the purchaser. In your case, the car that you bought sold for $11,000 less than you still owed on it. Now you are responsible for the difference. Whether or not you attempt to pay it back is a question of your own morality. I can see your argument that there is no sense in paying for something that you no longer have, but on the other hand, I have a feeling that you weren't thinking this way when you bought the car in the first place. I'm sure that you originally planned on paying for the car. That is a decision that you will need to decide for yourself.
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"On this day, I see clearly." -Alterbridge
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