If lender didn’t follow a commercially reasonable manner in selling a voluntarily surrendered vehicle, what canbe done?

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If lender didn’t follow a commercially reasonable manner in selling a voluntarily surrendered vehicle, what canbe done?

Voluntarily surrendered vehicle to lender on 10/4, signed form stating it would be sold as partial payment of obligation. On 10/12 received call saying they were going to sell to private party. On 10/15 received notice that it was sold on 10/12 to private party for $2800 leaving deficiency of $5300. This doesn’t seem to follow the law, is there anything I can do? I don’t want my wages garnished for payment.

Asked on October 21, 2010 under General Practice, Colorado

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You seem to have donesome research on the matter here and to know what the "buzz" words are in these cases.  So, if you have some knowledge and you think that they have failed to follow the law then they have "breached" their contractual obligation with you.  You will have to then sue them for breach of contract.  I think that you think that since they had the contract with you they did not really make an effort to get the best price for the vehicle, correct?  You figure that they figured you were on the hook anyway.  So then they acted in "bad faith" here as well.  Seek legal help. Good luck.


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