My best friend's husband just died of cancer. He leased a 2006 Dodge Ram truck. It had less than 10,000 miles on it. She received a letter stating that she owed about $12k on it. She found out today that the truck was sold for $3000, a lot less than what it was worth. The $12k is the difference they're saying she owes. Can she dispute the fact that it was sold far less than what it could have gone for? I'm trying my best to help her. She is a complete mess and is in a financial downfall due to the death of her husband.
2007-03-07 03:50:28 · 4 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
It is illegal in some states to auction a repo, or voluntary repo for substantially less than market value. Check your State Attorney Generals website for more info. Look under their fair credit practices Dept. Hope it helps, and sorry for your best friend's loss.
2007-03-07 03:59:18 · answer #1 · answered by Ben H 5 · 1⤊ 0⤋
The $12K was most likley the balance of the lease, not the buy out. Sorry, but if the truck was already sold there is nothing you can do.
2007-03-07 05:35:24 · answer #2 · answered by Warren K 2 · 0⤊ 0⤋
upnorthik : Hi it's to bad she was hasty before checking all options . But whats done is done .. Dealers, banks or who ever holds the loan. Have the right in" MOST " states to sell or auction a auto that has a broken lease or default on the loan .(They own the auto till you pay it off ) Your girlfriend seems to falls into this category . This is so they can recoup their money ..The balance is the responsibility of who signed the note or loan .. I know of no law that controls the selling price .. I think your girlfriend should check any & all State Laws on this matter first . If no luck ther she should seek legal advice .. Good luck ..
2007-03-07 04:42:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sorry to hear about your friends husband. Unfortunately she is responsible for the remaining amount. When you turn in a lease it is auctioned off and any remaining amout that is owed is your responsibility...unfortunately this will show up on her credit. What she should have done was contact the dealership and explain her situation and see if they could offer her some advice.
2007-03-07 03:56:29 · answer #4 · answered by Anita G 5 · 1⤊ 1⤋