Legal Question in Credit and Debt Law in Georgia

I had a car that I was financed threw Wachovia Dealer Services. When my car got stolen I filled a police report and did everything they told me to. Once the car was recovered it had damages that was estimated around $2,200. My insurance company offered to reimburse me if I covered the damages. However I did not have that kind of money, so my insurance company had me to seek the money from wachovia. Wachovia did not want to cover the damages even though they would be reimbursed. So some time had passed and I received a letter stating the car had been sold and I owed $11,000. The car was sold at an auction and that I had a balance. I've been receiving calls from collectors who state that I owe $9,500 then sometimes its $4,500. What can I do to either get this off my credit or get another car.


Asked on 4/15/10, 4:46 am

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Your post is not clear. For example, who sold the car, since you did not mention a repo? Either way,assuming the lender took the car and sold it (which you did not tell us), you owe the balance of your loan less the amount the car was sold for. You also did not tell us why or how much "time had passed," and why you were not paying the monthly payments (even if you could not pay for damages). A lot is missing, but it looks like you just stopped making payments and waited until the bank took the car back. If this is the case, the result of your action is repo, collection, poor credit for years, and difficulty in getting car (or apartment, home, perhaps job, etc.,).

Read more
Answered on 4/20/10, 4:57 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Georgia