Legal Question in Credit and Debt Law in Oklahoma

Auto Reposession

My vehicle was reposessed & then sold for considerably less than the amount owed. I never heard from my original lender again. A year later I received a letter from a collection agency giving me 3 days to pay the large amount. I didn't (&couldn't). Now I have been served with papers. I have 30 days to answer this coll. agency or they will seek a judgement against me. They want $31,000! Can they really do this? I'm sure they bought this debt real cheap.


Asked on 4/11/07, 10:26 am

1 Answer from Attorneys
Steve Chlouber Fuller, Chlouber & Frizzell, L.L.P.

Re: Auto Repossession

Assuming they provided you with proper notices of the sale and deficiency, the lender can seek a deficiency balance on the loan. It certainly seems that your balance was high, however, for a auto repo. I suggest that you contact an attorney to review your options immediately. You may have a defense to collection or other options available. If you need further assistance, contact me directly at my email in the footer.

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Answered on 4/11/07, 11:01 am


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