HomeWhat can you do if the leased car was repossessed with only 2 payments remaining?
Wiki User
2015-07-17 17:43:56
2015-07-17 17:43:56
The truck was sold by the bank at auction, they then sent us a bill for $5,600.00!!!! This was the balnce of the loan apparently, **NO this is the balance due AFTER deducting what it sold for at auction.and they auctioned the truck for far below it's worth.**REALLY, how much is /was it worth? It was sold at WHOLESALE price. Not retail.We are now receiving harassing phone calls from the bank and their collections dept. ( I am shocked at the unprofessionalism of these calls!)
what can be done to alleviate all of this? PAY the amount due.We don't have $5600.00 to give them for a truck we don't even have?! You had it and didnt seem to want it but that's NOT the issue. The issue is that you/he agreed to pay X number of dollars for X number of months. YOu/he didnt pay that and now the lender is going to collect the money due. They will sue you, get a judgment, and collect. Good Luck.
Related Questions
If you weren't making your payments yes. It would only be repossessed if you weren't making your payments.
A car can be repossessed in the state of New York if payments are late or defaulted. The only way to not get a repossessed is to make your payments on time.
The only way you can have your car repossessed would be to not make any payments. If you have taken out a loan and have not made payments, they will take your car away.
Only if you have failed to make the agreed payments on time.
You car can usually only be repossessed if you fail to make the payments to your finance company.
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