REPO IGNORED
Everybody’s Uncle,
I had a voluntary repo back in 2002 and the balance owed was only $5,800 and I know the car has been sold.
The bank now has a collection company trying to strong arm and threaten me to pay over $10,000 on the loan.
They have threatened wage garnishment, a house lien, legal fees, and court proceedings. What are my options both legally and as a consumer?
Thanks,
Thomas
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Thomas,
This is exactly what I have been warning everyone about in the many repo items below.
Some, all, or addition factors may have come into play.
You owed $5,800
The lien holder added, cost of repossession, cost of processing, cost of storage, cost of diagnosis, cost of repair, attorney fees, court costs, and the cost of the last stone added to The Great Wall of China. Get the picture?
He is supposed to sell the car at the best price he can get. It probably was a bad marketing day (one of the worst) so he gave it to the wholesaler (brother-in-law) at rock bottom.
After the sale you failed to pay the costs above. Interest accumulated while you ignored notices of amounts due. New administrative, collection, attorney and whatever add up to $10,000 and growing.
You will need an attorney to put it all into perspective and devise a defense. He should be well seasoned in repo cases, fluid in consumer rights, aware of loopholes or common errors in such cases. That low ball price to his brother-in-law will come under scrutiny if too low. Timelines, procedure, errors and omissions might be found. He and the other side will have fees to defend opposite interests. Negotiated settlements are possible. The threat of bankruptcy is always a possible weapon.
You must stop the bloodbath of mounting charges. Before this is resolved you could become an expert in avoiding repossession of any type and wiser in the ways the system works and is played.
Bankruptcy rules are about to change, you want every possibility available. Act now,
Everybody’s Uncle
