[mysuperman]

I had my jeep repossessed after only 30 days, I was told that I needed a qualified co-signer because I was the only holder of this loan. When I brought into my bank a qualified co-signer I was told he was qualified but then was told that he didn't make enough money when I asked about my money too she said that he would have to be responsible for all of my loans (3) and that my money didn't count. Well let's just say that I lost my jeep and it was auctioned off, I owed 12,000 on the loan, my jeep auctioned off for around 17,300 and they placed 4,320 onto my jeep loan and are still charging me the remaining balance, is this right can they do this when my jeep sold for more why am I responsible for this loan and is this legal?

[N0help4u]

I don't believe they are allowed to do that under any circumstance.
They are suppose to only charge you for the amount you still owed.
It was their mistake for approving you without a co-signer makes me wonder if they have some kind of racket going on?
I think you can call the attorney general and report them.
Also I wouldn't do business with them again.

[slowandeasy]

Hello Superman

Something does not sound right. Why would the bank not check out your co signer then?
Letting you take the jeep for 30 days and then taking it back? What is the name of this bank? How long did they have the jeep before they auctioned it off? In order for us to help you we need more facts

[mysuperman]

I had the jeep since January 07 in my name only I qualified, in May 07 they repoessed the jeep now they are saying I need a co-signer and when I brought a qualified co-signer to the bank in which my repossession letter said nothing about a qualified co-signer,(this was my loan officer's decission she had said) all that I needed the money only to be caught up on the loan. My co-signer was denied not because of credit but because he was 63% low income instead of 75%. My payment was due on 4/10 and they picked up my jeep not even 30 days late on the payment. They are still charging me for a loan that is already paid off and now are charging me for insurance on the loan.

[Fr_Chuck]

Something still is not right, you don't get a check until the loan is approved.

Also don't expect the jeep to sell for more than the loan.

Normally a 12,000 jeep will go for about 6000 at auction and you will owe the balance

[ScottGem]

So your story chaqnges from your 1st post to your second. In your first post you said the jeep was repoed after 30 days. In the second note you say you had the jeep from jan to may.

If you want us to help you have to give us the real facts.

What I'm suspecting is that you got a loan to buy the car and defaulted on the loan. You said you weren't even 30 days late, but I suspect that you were chronically late.

So they repo'ed the car. Before they auctioned it off they offered you the opportunity to get a co-signer but you couldn't find one they approved of. So they decided to auction it off.

Where did you get your info that it auctioned for $17K? If your loan bal was $12K after 4 months, then I suspect the value was less than that unless you put down a big down payment. So your numbers don't ring true. The only one that does seem reasonable is applying $4K towards the balance. That would indicate an auction sale of $5-6K.

So lets hear the real story if you want help.

[benn11]

How did they approve the loan, when they knew that you won't qualify?