Legal Question in Credit and Debt Law in North Carolina

My vehicle was repossessed today. I was 55 days behind on the payment. I purchased the vehicle in Nov 06 and have made the payments since. The financial institution was unwilling to work out a payment agreement. I asked for a deferral on the payment and was told I could pay 183 plus a regular payment of 502 plus fees to defer a payment that would total 699. If i could make a payment of 699 I could make a payment of 502 to begin with. My wife lost her job in July and I have exhausted all available funds. I informed the institution I would try to get a loan the refinance the vehicle and that's what I had going when they took my vehicle today. During the process of repossession the tow truck damaged the concrete in my drive way which is a "breach of peace". I stayed on the phone either on hold or calling back from 1:08 pm until 4pm today before any representative would talk to me in the special "repossession department". I was informed the vehicle would be sold at auction for 9 to 10. This is far below the consumer value. Trade in value is 155000. My payoff is 13600. Will I be financial responsible for the remainder of the vehicle and is the institution responsible for the breach of peace?

Asked on 12/22/10, 4:14 pm

Bob Bollinger Bollinger Law Firm PC

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yes, you owe all the money.

"breach of peace" ?? Never heard of such. You may be able to sue the truck people for negligently tearing up your property.

Answered on 1/11/11, 2:05 pm

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