and now they are back in 2 years saying they want more money.Collection co.is suing me.What are my options.It was a ford taurus and I feel this is a unjust law suit.How do I respond to the courts?Finance saying auction paid less than what I owed.I was ill and falling behind on everything.I tried to work out
away to keep car.I set up pay arrangements and made a payment and scheduled to make another.Company says they took car back told I could get It back if I could pay all fees that had benn added including storage at repo center.I need advice.
Originally posted 2009-09-03 09:28:15.
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File for Bankruptcy.
Unfortunately, you are most likely screwed. Only option is to file bankruptcy, but make sure its worth it. If this is the only debt you owe it probably is not. Either way your credit is already in very bad shape. So not paying them wont hurt you. Even if the company gets a judgment against you, it will be difficult for them to get their money. They may possibly be able to garnish your wages, but i doubt it.
DO NOT file for bankruptcy that’s crazy! Whenever a vehicle is repo’d it is auctioned off. If you owed $8,000 on it and it was auctioned off for $6,000 you still have a $2000 balance owing to the finance company. IF you still have the option of reclaiming the car by paying the fees, I would highly recommend it since a repo and worse yet, a bankruptcy will be on your credit for 7-10 yrs. FYI, you can’t file bankruptcy just for financial difficulties over a car. Good Luck!
You need to verify with your state’s laws. As to laws I have read, they can do what they are doing.
When a car is repossessed and resold for less than what is owe, then who it was repossessed from is obligated to pay the difference.
It’s the money owed, not the value of the object, that matters.
The car came from a dealer, the money came from the bank. So the bank is out of money. The bank what’s the money back, not the car.
If you loan someone $100, and a stereo was bought, would you expect a used stereo worth $25 back, or the $100 owed you back?
unfortunately, you are required to pay the money back, regardless what you feel is fair.
Your situation is an ex why I warn people when buying a car or house to try and get something that’s worth more than the loan, and something easy to resell.