Balance After Vechicle Turned Into Bank By Me

by Ken
(South Carolina)

I turned in an 08 dodge pick-up truck in mint condition. Balance on loan was about $22,000.00 They sold at auction , they said and got 11,000.00.
Can i ask for proof of that transaction and do i have to pay the balance of 10K to them, which i don't have.

If i were not struggling, i would have kept the truck. They must think differently than i do!

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Oct 29, 2010
deficiency balance on vehicle
by: Gerri

Ken,

Unfortunately it's not uncommon for a lender to try to collect a deficiency balance after a vehicle is repossessed. And it is quite common for these vehicles to go for less at auction than they would in a private sale. Auctions typically attract only cash buyers or dealers who are trying to get a vehicle at a price that will allow them to turn a profit.

However, on your side is the fact that lenders must typically follow very specific procedures when selling a vehicle that has been repossessed. If they do not, and you raise those issues in court, you may be able to stop them from trying to collect the deficiency. If the creditor sold the vehicle for an unusually low amount, it's possible that it could be challenged. However, my guess is that you are probably going to need to at least consult a consumer law attorney to find out what your rights are.

You can look for a local consumer law attorney with experience in cases involving vehicle repossession/debt collection. Find out how to get FREE or low cost legal advice about debt collection from a consumer law attorney here. Your state attorney general's office may also be able to help you with some information about state repossession procedures as well.

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