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What can you do if the leased car was repossessed with only 2 payments remaining?


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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

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If you weren't making your payments yes. It would only be repossessed if you weren't making your payments.

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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.

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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.

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Only if you have failed to make the agreed payments on time.

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You car can usually only be repossessed if you fail to make the payments to your finance company.


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