Legal Question in Consumer Law in Missouri

Re: trailer repoed

Under the law, they can still get a "deficiency judgment" for the difference between the amount of the loan and the amount they were able to sell it for. FOr example, if you paid $10,000 for the trailer, and kept it two years, they repo'd the trailer and sold it for $4,000, and you still owed $9,000 at the time, then you'd be on the hook for the other $5,000. The fact that they took the property does not mean your obligations under the note are relieved.

If they want the "full amount" then they have not resold the trailer, and perhaps that is because they have not acted in a "commercially reasonable manner." There are many defenses to an action for a deficiency judgment, including impairment of your collateral. You would do well to see a lawyer to find out what additional legal rights you may have in this matter.