What to do if the bank is asking for me to pay the difference for what they claim was owed and what they sold my repossessed vehicle for?

Get Legal Help Today

 Secured with SHA-256 Encryption

What to do if the bank is asking for me to pay the difference for what they claim was owed and what they sold my repossessed vehicle for?

I defaulted on payment for my truck which ultimately lead to repossession (total amount defaulted $1,947). I did get a notice in the mail for their plan to sell the motor vehicle. The letter stated that they would sell the vehicle at a private sale but no firm date. About a month later I received a notice to pay much more than the defaulted payments after sale $7,805. I received a summons letter; they actually sold my vehicle at an auction and I had no knowledge of the auction date. I also received a judgement notice which brought the payment higher. Can I fight this?

Asked on June 4, 2011 under Bankruptcy Law, Connecticut

Answers:

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

Answered 10 years ago | Contributor

You need to take the documents that you have to an attorney in your state to review.  The notice requirements vary from state to state and you need to make sure that they complied.  Now, what you have is known as a deficiency judgement - the difference between the amount that the truck was sold for and the amount left on the loan - which often results in these maters.  And yes, you are most likely responsible for the deficiency.  The attorney will need to read your original contract for sale and the lenders agreement as well.  As for fighting it, that depends on if the law was followed - which only an attorney in your state can do - and if not, you need to discuss options for resolving the debt.  Good luck. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption