Hello and thank you for the question. I am sorry to read of this dilemma.
That person has no right to repossess
that person is an unsecured creditor
he has 2 choices
he can work out a payment plan with you
or he can sue and take you to court, where settlement usually happens too
but he may NOT use self help and has no interest in the vehicle.
Please let me know if the answer is acceptable.
and if I can clarify anything, of course, ask me
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?
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.
I wish you the best.
Kindly let me know if the answer is acceptable
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?
I would not spend money on hiring a lawyer
you will end up paying someone north of $1000
and they wont be able to force the lender to accomodate
you are better off negotiating directly
and using financial hardship arguments to get accomodation
and apply the saved lawyer fees towards resolving the case
and getting a written release
Please let me know if you are satisfied with the answer.
Kindly click on an excellent rating
I have turned the rating on.
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