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.
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.
I wanted to add to my original question...Our car was repossessed by the finance company because they said they found out someone else was using the car because of car payments being sent from a different address. AND, they stated that they wanted to see the condition of the car. I thought a car would only be repossessed if you were late on payments? I have never heard of this, so I don't know what is going on.
ONLY if the lender agrees to doing so. After all, you agreeded to make make payments on the car once before.
If you are in DEFAULT of the contract, the collateral can be repoed.
Yes. Only if there was a relief of stay issued for the vehicle or you signed a reaffirmation for the vehicle loan and didn't make the payments.
Possibly yes. They can resale your repossessed car dirt cheap and sue you for the difference in what you owed and what they got for it. Then they can sue you to collect that difference. If they win the suit they can have the sheriff pick up anything you own to sell at public auction to help pay that money they supposedly "lost". It's possible but not real likely. It depends on the mob that runs the finance Company
Do you have anything in writing??Cancelled checks???Your only recourse is to sue the individual who took your money.
Only if your name is on the title, and only if the primary borrower defaults and the vehicle is subject to being repossessed by the lender.