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Reposession---What do I do?


jamorland
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I voluntarily turned a car back in to my bank about 2 years ago. They sold the car to an individual and then sent me a bill for the difference of what they sold it for and what I owed on the car. The diff is $7000.00. If I could have afforded the car I wouldn't have taken it back and I can't see how or why I can pay the $7000.00. The collection agency is threatning to file suit against me. This occured when I lived in Texas and I now live in Missouri. #1--Do I have to pay this back. #2--Can they file suit against me? #3--Can they garnish my wages in Missouri for this.

Thanks,

Jared in Missouri

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If it were me...I'd send them a request for validation of this debt. You want to see what they send you. If they sold it to someone I can't imagine they weren't able to recoup a lot of the loan...why there is an outstanding 7,000 is worth investigating. Also, you voluntarily turned the vehicle over to them...that has to be a good thing, I hear it always is.

You said, "The collection agency is threatning to file suit against me. This occured when I lived in Texas and I now live in Missouri. #1--Do I have to pay this back. #2--Can they file suit against me? #3--Can they garnish my wages in Missouri for this."

They better be prepared to follow up on that threat, it's illegal to threaten suit and not follow through-please keep a journal of WHO you spoke to and exactly what was said. You may need it later in complaints to BBB, AT, FTC. You live in Missouri? Can they file suit against you? My question is, are they prepared to file their claim in Missouri? Are they licensed to collect in your state (do a search to see if they have the appropriate licenses to collect where you reside now). Do you have to pay this back? Technically, yes. But that doesn't mean you can't defend yourself. Can they garnish your wages? Well, if they get a judgment they probably can. If you have a family though then you can go to court and request some relief there...sorry, the actual form names you'd file escape me. Also, most states have limits how how much they can take from your paycheck...it's usually based on a percentage.

The only thing I can't seem to say enough is LEARN YOUR RIGHTS. Read up on the FCRA and FDCPA here at the site. Check out the letter outlines to...may give you some ideas on where to go with this. But DO get educated.

Good luck hon, I know how tough car repo's are so I can empathize. Just remember, this too shall pass.

Elyse

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The bank is required to send you a copy of the bill of sale or equivalent document to show what they actually sold the car for. Simply sending you a bill for the difference is not sufficient.

DV the collection agency specifically letting them know the value of the car sold is disputed and that they must provide evidence of the amount the car sold for in order to justify the balance you allegedly owe.

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YES! This is what I wanted to hear. I'm dealing with the THIRD CA regarding my dh's repo from nearly 2 yrs back. It was a 1999 Ford Taurus.

All we got (and this may "count" let me know) was a "Statement of Deficiency" and it said that "the sale of the vehicle was not enough to cover the total amount you owed on your loan..." Then there's an itemization as follows:

Current balance: 11,800.84

-sales amount: 2850.00

Sub Total: 8950.84

Plus expenses: 681.70

Deficiency Bal: 9632.54

They have refused to give us a condition of sale-we found skid marks in our driveway and we believe the car was damaged in the repo operation. They have refused to deduct from it the costs of what was within the vehicle. We had childrens car seats (brand new one of them), stroller, work goods, etc--

So far three CA's have had this account.

Elyse

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That's the point. If they are preparing the deficiency statement they can put any number they want on the sold as line. They need to prove it. They also are required to provide (as you stated) the condition statement. If the repo company damaged it, which is common, then you are not supposed to be liable for that.

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