they also did not contact my with the differance I would owe and now I am being sued.
2007-04-30 11:12:55 · 6 answers · asked by Douglas S 1 in Business & Finance ➔ Credit
YES
They do "have" to send the required notices "before" and "after" the sale of the repo.
And, if you live in a right to cure state, they legally are supposed to allow you to pay the outstanding payments + fees to recover the vehicle before it is sold.
If you had moved during or after the repo and they did not know your current address, they may have sent the notices to your previous address. If you had not moved and did not receive the notices, then they are at fault.
The repo voids the original contract so the actual deficiency on the repo has a 4 year collecting statute of limitations starting from the day the vehicle was sold creating the deficiency.
IF you are past the 4 year period (or very close to it), use an affirmative defense of SOL in with your answer. And file a counter claim for them filing suit on a time barred debt.
UCC § 9.506 a deficiency can not be claimed unless all of the required notices were properly and timely given, and all of the allowable redemption and cure time limits were adhered to.
(you should also check your states RISA and MVISA statutes to see if they mirror the UCC - never overlook your own states statutes, they sometimes have more teeth then fed laws)
UCC Article 2 applies to the 4 year collecting SOL.
Be sure to answer the summons within the time allowed or they will get an automatic judgment.
Order your credit reports to see if whoever is suing you is reporting. If they are and they are reporting inaccurately, be sure to include the inaccuracies in your counter claims.
If you feel you can't do it on your own, contact a lawyer that is well versed in consumer law (FDCPA, FCRA, FTC, etc)
Most lawyers will give a free first consult so you can see where you stand. Be sure and ask if the first consult is free before you make an appoitment.
If you have plenty on them for violations, the lawyer "may" take the case on a contigency basis.
In the mean time, you might go to the last link I have listed in my profile and do some reading or ask any question you may have.
2007-04-30 11:56:12 · answer #1 · answered by echo 7 · 1⤊ 2⤋
They have already contacted you when they called and asked for their payments.
When you did not pay them, you defaulted on the contract and they repossessed the vehicle.
After it's sold and they have added all of the fees involved they will come after you for the balance. This normally results in a judgment and then they can attach bank accounts, garnish your wages (if your State allows that) and file liens on any other property you may own like vehicles, boats, land or homes.
2007-04-30 11:22:26 · answer #2 · answered by ? 7 · 1⤊ 3⤋
State laws vary but you should have been told that they were selling it so you could have a chance to buy it back. If the car sold for less than what is owed on the vehicle the lender can sue you for the difference. Read this for more information
http://www.ftc.gov/bcp/conline/pubs/autos/carrepo.shtm
2007-04-30 11:20:19 · answer #3 · answered by kgee 4 · 2⤊ 1⤋
No they don't you knew you were behind so therefore you defaulted on the load. The vehicle now becomes their property. Usually what happens is they will sell it at auction for whatever they can get for it and then come after you for the difference. I know it sucks had it happen myself.
2007-04-30 11:23:31 · answer #4 · answered by robin b 5 · 0⤊ 0⤋
They dont have to contact you...they have to "attempt" to contact you. If they are not able to get a hold of you or you do not respond to their mail or phone calls...thats on you.
If they filed for a lawsuit and you feel that you are in the right...file an answer to your lawsuit. You have 30 days to do it. If you do not...they will get a default judgment and than you cant do anything.
If you do...you will have a trial date and be heard by the judge.
If you havent paid your car payments and that is why it got repo-ed...dont even bother. They dont have to contact or attempt to contact anyone or anything...
You know you have the car, your sit in it....you stopped paying for it. So what do they need to call you for?
Good Luck
2007-04-30 11:20:09 · answer #5 · answered by smile4cobra 3 · 1⤊ 2⤋
You know all those collection letters you've been getting for months now? That was your warning.
2007-04-30 11:20:39 · answer #6 · answered by Erin 3 · 1⤊ 0⤋