smalt Posted November 8, 2008 Report Share Posted November 8, 2008 WE had a 2002 Chevy tahoe reposessed by Capital One. The truck wasn't worth more than $5k in this market (no 4 wheel drive, not very loaded). The letter we received from Cap One says they sold it for 4K but that the car is valued at 11K which is pure bullsh** if you ask me. Our loan balance was 10k, and of course they are saying we now owe 7k. Can we fight it? Link to comment Share on other sites More sharing options...
jq26 Posted November 8, 2008 Report Share Posted November 8, 2008 In a non-bankruptcy context, which I assume you didn't file, the value of the vehicle has no meaning really. You owe whatever is left on the loan plus repo & auction fees after they sell the vehicle- balance on loan + repo fee + auction fee - amount paid to creditor upon sale of vehicle. The market value of the vehicle plays no part on the amount of your liability. The fact that they appraised it at $11k and then told you that is a bit strange. If it was "worth" $11k, then why did it sell for $4k? Vehicles are only worth what someone is willing to pay for it. Link to comment Share on other sites More sharing options...
smalt Posted November 8, 2008 Author Report Share Posted November 8, 2008 Thanks, that makes sense. At this time we're seriously considering bk, which would wipe this clean. I was just seeing RED when they told us it was worth 11k. Link to comment Share on other sites More sharing options...
notagain Posted November 8, 2008 Report Share Posted November 8, 2008 Bizarre they would say that. But, if you know it was worth just 5K at best, and they got 4K, then I guess that's something to feel kind of good about... It was in the ballpark. A agree that the auction, if public, will define the value. That makes sense.notagain Link to comment Share on other sites More sharing options...
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