What do you do if your car is repossessed?

Answer 1

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.

Answer 2

Firstly, in a legal sense, the lending institution owns the car, you are just the registered owner on the title - you promised to make timely payments to the lender in writing. Repossession occurs for one main reason - the agreed upon payments were not made by the purchaser at the interval specified in the loan agreement. The lending institution who initally granted the loan to you has the title in their files - they own the car, and will continue to own it until they are repaid in full for the monies they gave to the dealership or whomever the car was bought from. There is little recourse - the lending agency, who owns the car anyway, is just taking back their property and will attempt to resell it to recoup their losses. You may try talking to the lending institution and possibly by making up all back payments and signing another loan agreement, with a higher interest rate because you are now an 'at risk' borrower, you might be able to drive that car again.