Repo and Credit

Back years and years ago. I had a voluntary repo.
Well years later the company still shows that I owe lets say 13,000. Well I know for a fact they sold the car. So if they sold the car lets say for 10K all I would owe would be about 3k or a little more.

Well I am trying to look up the law for that because I am certifying them a letter.
I have no idea how to word that in google so I can attach the law to the letter. Can anyone help?

When u gave them the carback they credited you what car was worth by blue book. Doesn't effect the loan you still owe regardless if they sold it for more.

I am fairly certain that even if they sold the car, you are still on the hook for the whole shebang

You still have to pay them whatever you owe them, its a matter of how much they sold the car for, say your loan is 13,00 and they sold it for 6,000 you'd still owe them 7,000. They don't have to sell if for the amount you owe, i'm pretty sure they just start at a certain price and if people bid then whatever the last bid was for that's what they take, because i'm pretty sure all Repo cars are auctioned off.

Yes. Like in 2010, I had a car. I owed like $10k on it. It was repossessed. They sold it at auction for $8k and I paid them the remainder.

I don't know about the other part though. They just said hold off on payments till they sell it, then they sold it and send me a bill and helped me make a payment plan for the rest.

Each state may have different laws. We gave up our car for voluntary repo and they sold it at auction. They took the total we owed and subtracted what it sold at auction for. That is how much we had left to pay. Same thing goes for rent, if you bail out on a year lease then you are responsible for the amount of month's rent until they get a new tenant. If they make you pay the remainder of your lease while they have a new tenant, that is illegal because they are collecting double profit.

So your best bet is to check your state laws on what is and is not allowed, or talk to a lawyer if that is an option.

It depends on the law as well as the bank....
Example. The auction here is to help banks recover some of the funds. So lets say I have a loan for the car for 10, 000 and it goes for only 5000 I still owe. As well as I may owe for auction costs and of course interest.

Quoting Mamita Sarita:" When u gave them the carback they credited you what car was worth by blue book. Doesn't effect the loan you still owe regardless if they sold it for more."

Actually in my state. If they sell a car. You only owe what is the remaining balance. I've talked to on of the lawyers here at work. They can't help because they arent the right type of lawyer.

Quoting ღ.ღ.ღ:" You still have to pay them whatever you owe them, its a matter of how much they sold the car for, say ... [snip!] ... people bid then whatever the last bid was for that's what they take, because i'm pretty sure all Repo cars are auctioned off."

yah. I know. So if its 13k then they sold for 10k. I only would owe 3k with repo fees.
I call a million times they wont let me know how much they sold it or anything. I just get a VM once I start asking. its so annoying.

I just need a federal or state website that states all I owe is whats the remaining balance.

Quoting A mother & wife:" yah. I know. So if its 13k then they sold for 10k. I only would owe 3k with repo fees. I call a million ... [snip!] ... a million times they wont let me know how much they sold it or anything. I just get a VM once I start asking. its so annoying. "

Well they have to notify you of how much the car was sold for so you can know the remaining balance. I think you should call higher up.

Quoting A mother & wife:" yah. I know. So if its 13k then they sold for 10k. I only would owe 3k with repo fees. I call a million ... [snip!] ... a million times they wont let me know how much they sold it or anything. I just get a VM once I start asking. its so annoying. "

Yep. And there shouldn't be any repo fees. At least there wasn't for me. Especially since it was a voluntary repo. I'm looking for a site for you.

Quoting ღ.ღ.ღ:" Well they have to notify you of how much the car was sold for so you can know the remaining balance. I think you should call higher up."

 

Call them every hour and demand to talk to the branch manager and go up from there until it's solved.

Quoting ღ.ღ.ღ:" Well they have to notify you of how much the car was sold for so you can know the remaining balance. I think you should call higher up."

This was back in 2008/2009 (beginning). Every time I call I get a voicemail. They have caller ID.
Im just tired of trying. So I am certifying a letter. The attorney here is drafting it. I just need to find that law to attach it.

Quoting Michael Westen:" Yep. And there shouldn't be any repo fees. At least there wasn't for me. Especially since it was a voluntary repo. I'm looking for a site for you."

Thank you. I just need a site.