Legal Question in Credit and Debt Law in Virginia

Bank wants more money after sending me receipt for loan payoff

I traded in my vehicle at an auto dealership. The dealership called the lienholder and got the payoff amount. The dealership paid off the loan. I received a receipt in the mail describing the transaction as "loan payoff" and showing the amount paid, and a remaining balance of $0.00 A few days later, I received a letter stating that "after reviewing my account, they have determined that I still owe $407.00! They don't explain what the $407 is for. Can they take any legal action against me after sending me a "paid in full" receipt???


Asked on 11/23/99, 8:48 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Bank wants more money after sending me receipt for loan payoff

Can they take action against you? Sure -- anyone can file suit for anything. Can they prevail? It depends. If they simply made a mistake, they are entitled to correct it. If there was a dispute and they agreed to accept what was in the payoff statement, then no, they are bound.

Read more
Answered on 11/24/99, 9:49 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Virginia