[sonu1111]

I had taken car on loan but the lenders had seized the car a year back. I was leaving on rent at time at purchase of the vehicle. Now I received a letter for the balance amount recovery. Even I called the co. and they asked for settlement with three days time which was not possible. Now what they can do and what I have to do? Please guide

[DownUnder]

You will be responsible for the balance of the car if it was auctioned off after being repossed if it did not sell for what you owed. As far as what they can do they will take you to court get a judgement and then they will go after your paycheck if your state allows and wipe out your bank account until they get there money. If it has been a year why have you not tried to make arrangements with them?

[Fr_Chuck]

Your post is a little hard to understand, I take it you had a car and owed money on it, Then they repo'ed the car when you could not pay. Then they sold the car and now you owe the balance.

*** often you can end up owing as much as you did before they took the car after late fees, interst and fees for auction.

Now you have to either make payment arrangements or they will take you to court, and get a judgement, depending on your state they could attach bank accounts and garnish your pay