Debt Collection

Your truck was repossessed and you paid the back payments and they sold the vehicle anyway?

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Wiki User
2011-09-14 08:56:29

THen I am sorry to say that you are out a lot of money. Once

that car is repossessed, then your interest in it, and the finance

company's interest in you is over. The car company will send it to

auction and get back whatever they can, and put a black mark on

your credit. Paying them one red cent after this charge off event

will not help your credit in one infinitessimal way. As you noted,

they sold your truck and auction so you can soon expect to get a

letter telling you what it sold for and how much they lost on the

difference. DO NOT PAY THIS AMOUNT. They are not expecting you to

and, as I've said maying one cent on a charge-off account is a cent

wasted.If you just had your truck repo'd and you still own your

house and have a job, you should dtill be able to buy a car anyway.

Just watch them jack up the interest rates

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