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Daniel Solutions
Daniel Solutions, Lawyer (JD)
Category: Legal
Satisfied Customers: 9934
Experience:  Practing General Attorney,
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I told the bank to pick up my truck (vehicle surrender) and

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I told the bank to pick up my truck (vehicle surrender) and they said ok....This went on for about 4 months and when they said ok again i took the plate off. My truck was towed by a third party. The bank finds out and they sign off to it to the tow company who sells it at auction and they kept the money...The bank then proceeds to sell my account to a debt collector and now i owe more than i owed on the truck...The debt collector has now got a attorney to collect..Is there anything i can do?
Once the bank auctioned off the car you were responsible for the difference between the amount recovered and the balance owed. if you were not able to pay the amount in full the bank had a right to sell the debt as they did and the collection company can sue you for the amount owed including legal fees. I know it doesn't sound right or fair but it is correct. If you're able to come up with the amount owed to the original lender then you could attempt to pay the original debtor and by doing so the collection company would not have a legal claim to sue you assuming they are just collection for the lender and have not truly purchased the debt. If the debt was truly sold then the original lender will not be able to accept payment because there would be no open debt.
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Customer: replied 8 years ago.
The bank didnt sell it at auction it was the Tow Company who did who kept the money....the money from the auction did not go towards my loan....
When a car is reposesed the bank rarely takes back the physical car. The towing/repo company sales the car for the bank at auction or on their private lot. The final balance is the loan amount plus repo fees. The amount received from sale is deducted from the new total. You as the prior owner is liable for the difference. It's very possible that the auction money was absorbed into the repo fee as that often happens. If you believe there is a discrepancy then you can ask for an itemized bill of expenses and funds received. If you believe it is not correct then you can contact your State Attorney General Office to file a complaint.
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Customer: replied 8 years ago.

Ok thank you......

I wish you the best.