One thing to remember is this: repossessed is repossessed. YOU NO LONGER OWN THE VEHICLE. It is not yours, not even to complain about. The repo company has made arrangements with the finance company; of course. The repo company is not in business for their health. It's a business and they're in it for a profit. Yay America! Thank God! The repo company agreed to split the profits, probably a percentage, with the finance company, minus charges. If they want to sell the car and it sells for only 50 cents, they can do so, and you ain't got nothin' to say about it. IT IS NOT YOUR CAR ANYMORE! It's actually, for all practical purposes, the repo company's. The loan is the finance company's. TWO DIFFERENT ENTITIES. In Texas, get off the complain soapbox, eat your pride, promise yourself you won't do it again, leave the finance company alone, leave the repo company alone (you'll lose; the laws protect them) and read this: IT IS NO LONG YOUR VEHICLE. If you don't like what is done, CHANGE THE LAWS.
The bank or finance company must sell the vehicle in a commercially reasonable manner. It is important to remember that when you signed the contract, you agreed to pay for the collection, repossession, legal, reconditioning, mechanics, ect fees.I would imagine that all of this is added to your existing balance that you owe. Ask the bank for a breakdown of your deficency balance.
According to Consumerlawpage.com, a resale of a repossessed car must be conducted in a "commercially reasonble manner". If you believe that your vehicle was resold for less than fair market value, the resale is not commercially reasonable. Contact an attorney, your car may have been sold to "a friend" for a substantially lower price than what the car is worth.
You do not need an attorney to sue in most states.Sue the bank for not selling the vehicle in a c.r.manner.This is a scam because all the banks do is hold a closed auction where the dealers who sold you the car get the same car back at a huge savings and start the game all over again.Oh yeah and then the bank sticks you with the difference.