2006-08-28 11:41:46 · 10 answers · asked by Joe M 1 in Cars & Transportation ➔ Buying & Selling
Someone probably bought the debt from the original note holder for pennies on the dollar and will now make an attempt to collect.
Did you pay anything when it was repossessed? If so, dig that out to prove (or try to argue) that the debt was discharged.
Keep in mind that if it is a company that bought this debt, they have less margin (profit) than the original note holder. They will be less willing to engage in a costly "chase", so delaying and making them spend $$ to collect will work in your favor.
If you do still owe, the best bet may be to settle the debt and make sure you get the entire debt discharged. This is best from a credit rating standpoint and an ethical standpoint.
Good Luck!
2006-08-28 11:52:59 · answer #1 · answered by JackJester 5 · 0⤊ 0⤋
they can take u to court whenever they want its the crazy court system but they handle cases for the first time when the problem may have happened ten years ago
2006-08-28 18:48:27 · answer #2 · answered by blondebeachbum77 3 · 0⤊ 0⤋
They are trying to collect the difference of what you owed and what they sold it for at auction. Not much you can do but consult an attorney.
2006-08-28 18:50:18 · answer #3 · answered by coord21 1 · 0⤊ 0⤋
pay your bill. what happens is say you owe 5 000. .They take the car and auction it for 3 000. the math sez you owe 2 000. Open the letters they send you.
2006-08-28 18:49:02 · answer #4 · answered by Anonymous · 1⤊ 0⤋
yes they can...they have 7 years...and then they can put a judgement on you and give them 7 more years...then they can add another judgement and have 7 more years...also, watch your bank account, cause they can put a levee on it and take ALL your $$ thats in it.
should have paid that damn bill, HUH?
don't feel bad, we did it 2!
2006-08-28 18:48:40 · answer #5 · answered by key2e 3 · 0⤊ 0⤋
What happened...? You should have paid them some money. Oh dear.
What's the question though?
2006-08-28 18:45:24 · answer #6 · answered by *babydoll* 6 · 0⤊ 0⤋
They will make you pay the rest of what it didn't bring and if you don't they will attach your check.
2006-08-28 18:52:47 · answer #7 · answered by scsriver 4 · 0⤊ 0⤋
I thought once they took the car, you didn't have to pay anymore.
2006-08-28 18:47:32 · answer #8 · answered by ♥Trinity♥ 4 · 0⤊ 2⤋
Sucks to be you!!!!!
2006-08-28 18:47:50 · answer #9 · answered by Anonymous · 1⤊ 0⤋
..........................that stinks, but.......what exactly are you asking?
(i.e. is there a point to this question?)
2006-08-28 18:45:42 · answer #10 · answered by The Crow 3 · 0⤊ 0⤋