Ask Experts Questions for FREE Help !
Ask
    Bell417's Avatar
    Bell417 Posts: 1, Reputation: 1
    New Member
     
    #1

    Nov 17, 2006, 09:23 PM
    3 year ago car repossession
    I voluntarily turned in a car I could no longer afford. So it was repossessed. I stupidly have done nothing about the remaining balance of the loan after the car was auctioned off. So today I was served papers saying Im being sued for the remaining balance of $6200. So I ask you. What rights do I have in this matter? I am definitely going to have to repay this now. Is it too late to call and settle with the sueing company? Thank you for any help
    dbek's Avatar
    dbek Posts: 74, Reputation: 4
    Junior Member
     
    #2

    Nov 17, 2006, 11:05 PM
    I would call and see if you can settle with them. Maybe they will settle for 50 percent of that. We are working with a settle group to settle on outstanding credit card/medical bills. It never hurts to try.
    s_cianci's Avatar
    s_cianci Posts: 5,472, Reputation: 760
    Uber Member
     
    #3

    Nov 19, 2006, 05:06 PM
    Try to find out how much the car was liquidated for. You should only be responsible for the difference between the balanced owed and the amount of cash resulting from its sale. $6200 sounds like a high amount (unless it was an extremely expensive car.) If necessary, retain a lawyer and have him/her subpoena the credit company's records.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Repossession of Manufactured Home [ 4 Answers ]

I co-signed for someone to purchase a MH. Long story short-The lending company (Green Tree) called me. The person in the MH is 3 months behind and they wanted me to pay the amount. I told them(GreenTree) that if the payments aren't being paid then go get the MH. The rep from Green Tree then told me...

Full-year for Federal, Part-year for State ? [ 3 Answers ]

Hi, I am an alien and comply with the qualification for full-year tax resident for Federal, but not with my state's where I should be considered as a part-year tax resident. Is it a problem if my status are different for federal and state, or does my federal status "overwrite" my state status...

Repossession [ 4 Answers ]

I am facing a repo of a mobile home,the company says they will sell the trailer & of course I am still in debt for what will be left after sale.. the rep told me since they know I can't pay that either, that they will send a 1099 form to IRS showing whatever I still owe as earned income?? and I...

Truck Repossession Nightmare [ 2 Answers ]

I am in a mess. 2 years ago I bought a truck in my name for my fiancÚ and his business. He has paid the balance down to $25, 000 (semi-truck and trailer) and is now suffering financially. Every month he is late with the payment and I believe he can no longer afford to make the payments. What...

Repossession [ 2 Answers ]

To whom it may concern, I have a truck that I am still making payments on but it is just sitting because the head gasket blew and I need a new engine. In the mean time I bought a new car and am making payments on the new car. Because I am upside in my loan for the truck I can't sell it. What...


View more questions Search