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Infolawyer
Infolawyer, Attorney
Category: Estate Law
Satisfied Customers: 53895
Experience:  Licensed attorney helping individuals and businesses.
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Can the person who loaned me money for a vehicle repo it and

This answer was rated:

Can the person who loaned me money for a vehicle repo it and then charge me the remaining balance of the amount owned after the vehicle has been sold at auction?

Daniel :

Hello and thank you for the question. I am sorry to read of this dilemma.

Daniel :

No

Daniel :

That person has no right to repossess

Daniel :

that person is an unsecured creditor

Daniel :

he has 2 choices

Daniel :

he can work out a payment plan with you

Daniel :

or he can sue and take you to court, where settlement usually happens too

Daniel :

but he may NOT use self help and has no interest in the vehicle.

Daniel :

Please let me know if the answer is acceptable.

Daniel :

and if I can clarify anything, of course, ask me

Customer:

It is a bank that loaned the money I could no longer afford it cause I lost my job so I gave it back. I called then told them my situation and they agree to come pick it up. Once they cane got it I got a call a few days later saying I owed the remaining balance of the lian and they would contact me again once the vehicle sold. They sold it at auction for a little more than 15000 less than it was worth according to the blue book which that is the amount they want me to pay. Am I liable for the balance?

Daniel :

Often one negotiate a release before releasing the vehicle. If you have not, they may pursue the balance but must credit you with payments made and amounts they got from sale, which they must prove with records. Practically, if you explain you have nothing or suggest you may file bankruptcy, they may charge or write it off.

Daniel :

I wish you the best.

Daniel :

Kindly let me know if the answer is acceptable

Customer:

Do you think it would be worth hiring a lawyer to help resolve this or do you think it would be a waste of money on my part?

Daniel :

I would not spend money on hiring a lawyer

Daniel :

you will end up paying someone north of $1000

Daniel :

and they wont be able to force the lender to accomodate

Daniel :

you are better off negotiating directly

Daniel :

and using financial hardship arguments to get accomodation

Daniel :

and apply the saved lawyer fees towards resolving the case

Daniel :

and getting a written release

Daniel :

I wish you the best.

Daniel :

Please let me know if you are satisfied with the answer.

Customer:

OK thanks

Daniel :

very welcome

Daniel :

Kindly click on an excellent rating

Daniel :

I have turned the rating on.

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