i lost my job and after a year lost a vehicle to voluntary repo, now the bank has sold the car and wants me to pay 10,000 on a note that was 14500 original and the car was retailed at 17250, private at 14750 and wholsale at 12500.
they sold it for 7000. they say they sent me a notice for sale date but i never got it, hell i had a freind that would have bought it for12500 and had cash! what should i do?
2007-03-04 01:49:03 · 5 answers · asked by dachin2002 2 in Politics & Government ➔ Law & Ethics
Sorry to say this, but you are going to have to pay. Voluntary Repo is no different than a regular repo on your credit report. Just set up payment arrangements, and see if you can get them to actually take it completely off of your credit report once you have paid it off, that way it won't ruin your credit for the next seven years! Sorry for your misfortune!
2007-03-04 02:04:36 · answer #1 · answered by lyquidskye 2 · 0⤊ 0⤋
They only got $7000 for it because they sold it at auction. You would have been better off selling it privately than handing it over to the bank. There's really nothing you can do about it.
Sorry, but that's the breaks.
2007-03-04 01:56:31 · answer #2 · answered by mamasquirrel 5 · 0⤊ 0⤋
Trying looking for a non-profit called Legal Aid. They provide legal representation for free to low income families.
2007-03-04 01:53:27 · answer #3 · answered by totalstressor 4 · 0⤊ 0⤋
I don't know if there are any attorneys from your state answering questions here. Try posting your question and a free legal site like www.lawguru.com and you might be a response from a local attorney.
I practice in California and do not know the laws of your state.
2007-03-04 01:52:20 · answer #4 · answered by Carl 7 · 0⤊ 0⤋
Nope, your pretty much screwed. Either pay it or file bankruptcy
2007-03-04 01:54:40 · answer #5 · answered by Anonymous · 0⤊ 0⤋