Legal Question in Credit and Debt Law in Tennessee
If I had a car repossessed and after the sale the deficiency was $7000 and 9 years later $8000 was paid back in a timely mannor and the creditor says I still owe over $11,000 due to interest do I have any recourse?
1 Answer from Attorneys
Seems a little excessive but 9 years is a long time and interest would be added to the $7,000 each month. Ask the creditor for a breakdown, month by month, of how they got from $7,000 to $19,000.
BTW - I don't think you can make a case that paying the deficiency back 9 years later was timely. Like I said, it seems a little excessive but it could be correct. The detail will tell the story.
If you find the numbers are correct - consider trying to offer the creditor something like $5,000 as payment in full. They might just accept it and may finance it for you.
Good luck ...
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