My Car was Repo

Aug 24, 2011

My Car was Repo
by: Debtcollectionanswers.com

Sorry that your car was repossessed. As to your question about whether money can be taken from your bank account, I need a little more information from you to give you a definitive answer. However, I assume that this is your current situation: After you lost your car it was sold and the proceeds from the sale were applied to the balance you owed on your car. However, it was not enough to pay off the full balance and so you still owe money on it. This amount is referred to as a deficiency.

If I am correct and you have not paid the deficiency, then that is the debt that the collector wants you to pay. They cannot take money from your bank account without suing you first, but if they do and they win the lawsuit, then they can ask the court for permission to go after the money in your account or to take other actions to try to collect what you owe.

If the scenario I describe here is accurate and the collector wants you to pay the deficiency on your car loan, have you tried to work out a payment plan assuming you cannot pay the full amount of the deficiency all at once? That would be preferable to being sued over the debt. If you are able to negotiate a payment plan with the collector, do not agree to larger payments than you can truly afford and get the terms of the plan in writing before you pay the collector any money.

Good luck!

My Car was Repo

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My Car was Repo