Legal Question in Credit and Debt Law in New York
Auto Repossesion debt
Hi, back in 2000 I Financed a car in FLORIDA, The car was 6000, I put $2000 down ($4000 left). I moved back to NY with the car I defaulted on the payment's (couldnt get a job at the time). They repo'd the car. I expected to get a letter or something telling me how much they sold it for so I can pay the balance. I got a letter like a year later stating I owe around $8000 dollars - I called up and asked how much they sold the car for and noone knew, They couldnt even tell me why it was $8000. I later found out the bank that loaned me the money went bankrupt. so other creditors are taking over my debt case. and right now it's up to like $13000. Is there anything I can do about this? How is it possible/legal to add almost $9000. I would like to get this fixed what can be done?
3 Answers from Attorneys
Re: Auto Repossesion debt
What a disaster! But the auto repossessor has a duty to re-sell the car and credit you with the amount received.
The interesting part is that the auto repossessor must sell it in one of several leagal formats; auction is the usual way.
If they cannot account for the car, then the claim against you will be dismissed. You will owe nothing.
Re: Auto Repossesion debt
They add whatever they want, unless you challenge their numbers in court.
You may be best served by filing for bankruptcy and getting rid of the debt if possible.
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Re: Auto Repossesion debt
Your question was answered on a recent episode of the Debt Podcast. Go to www.debtpodcast.com to listen to the show, submit your questions, and more.
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