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TexLaw, Attorney
Category: Legal
Satisfied Customers: 4430
Experience:  Lead trial/International commercial attorney licensed 11 yrs
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Four or five years ago we had a vehicle repossed. Now I am

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Four or five years ago we had a vehicle repossed. Now I am getting a call from some other company saying that bought that bad debt and we have to pay them 8000.00 for that vehicle that was repossed. If we did not have a contract with this particular company are we obligated to pay them for this debt to another company AND loose the vehicle. I am afraid it is a scam. They are wanting my account information to show "good faith" in repaying this debt.

Thank you for the question.

When you have a vehicle repossessed for missing payments on a car loan, the vehicle is taken and sold. If it is sold for less than what you owed on the loan, the lender can still come after you for the rest of the money. The lender can also sale the debt to a debt collector, as in your case.

Do not give them your account information. Tell them to send you written documentation proving that they are entitled to collect on the debt. Tell them you want to see an exact accounting of what the car was sold for after the repossession. Also tell them that you want to see the assignment letter assigning them the debt from the original lender. If they will not provide you with this information, then tell them that you are not obligated to give them any money as they are not showing they are in good faith.

Please let me know if you have any further questions. Please also remember to rate my answer positively so that I am paid for my work on your question by the website.

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