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How do you stop collections on a repossessed vehicle My car was repossessed in Missouri the bank sold it and now a collector wants me to pay the balance not the difference. Any advice I need help?
Wiki User
∙ 15y ago
When your car is repo'd and it is auctioned off you are to pay only the balance of what you owe on the loan. So if you owed 10,000 and is sold for 8,000 you pay the balance of the loan whic is 2,000. If you have collections on your credit report call and have it investigated this way they cant keep renewing it for 7 years.
Wiki User
∙ 15y ago
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they get paid 1 dollar
