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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 116779
Experience:  Attorney experienced in commercial litigation.
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I am being taken to court for a car repossession. I need

Customer Question

I am being taken to court for a car repossession. I need assistance in my answer back
JA: Since laws vary from place to place, what state is this in?
Customer: colorado
JA: Has anything been filed or reported?
Customer: I have a court date Feb 1 nothing reported fromme
JA: Anything else you want the lawyer to know before I connect you?
Customer: The note was for 6700, and they say my deficiency is 6200. Unfair Thanks
Submitted: 6 months ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 6 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

On a vehicle repossession, in order to claim a deficiency judgment the lender must prove they sold the vehicle at or near FAIR MARKET VALUE. If they did not sell the vehicle at or near fair market value, then you can object to the deficiency in court and prove fair market value and they would only be entitled to the difference between fair market value PLUS any reasonable fees or charges for the repossession and the loan balance. So, you can fight them over the fees and charges not being reasonable and also over the sale price of the car not being fair market value. I would suggest using a local consumer protection attorney to fight them in court over their charges they are seeking.


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