Legal Question in Credit and Debt Law in Florida
am facing a involentary repossion of a vehicle due to slow work in a slow economy. when discussing the mater with the loan holder i was informen the vehicle after repossion would be auctioned off and i would still be responsible for nay difference between the auction sale and loan balance. to points if i can't make current payments how am i expected to pay for something i no longer have possession of and second how do i know it went thru a lagitimate auction and the price recieved. is there a florida law preventing this. further more when i advised them i would no longer be responsible fot the debyt upon repossission i was more or less threated that they have legal rights to get their money by any means
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2 Answers from Attorneys
When the bank repossessed a vehicle, they will auction it off, and you are still responsible for the loan balance (difference between loan amount and auction price) and the repossession/auction/processing fees. The bank will try to collect it from you. I realize that if you could pay, you would have been making payments of the vehicle to begin with, but that's just the way it is. Then, they will sue you and obtain a judgment against you. They were not threatening, but promising, that they have legal rights to get their money.
There is law that prevents a sham sale and notice requirements. See an attorney in your area to discuss this with you. Too involved for this discussion.
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