Re: Can they charge me an extra $10,000 for reposessing my vehicle?

That sounds absolutely ridiculous. It does not sound as if the auctioneer made a good faith, bona fide attempt to find the most competitive deal for the car, and more like they simply chose the first buyer they could find, believing you would pick up the tab...Please call me at (212) 618-1830 to discuss this as soon as possible.

Re: Can they charge me an extra $10,000 for reposessing my vehicle?

Dear Reader:

In examining this response, please note that we are not entering into an attorney/client relationship, that this is to be taken as informative, and not as legal advice, that it is always best to speak to a lawyer in your area and/or in the area where the transaction and/or events occurred, and that my answer is necessarily limited by the fact that I have not seen the documentation or had an opportunity to go over the matters with you in detail.

The charges do seem steep, but some or all may be authorized.

You did not say whether you were current on the payments, or whether the vehicle sold for less due to damage to it, and so forth. So it is hard to know whether any of the amount above the principal is legitimate.

Mr. Manchanda may be mistaken about the repoman's obligation to you -- he must sell in a commercially reasonable manner, like at public auction. It is hard to prove that the auction was inadequate.

You are on the right track by demanding to see the contracts. You should also call the Better Business Bureau and look on line to see if the dealer, the bank or the repoman have a history of problems.

Also, make sure your interest rate is not illegal -- 25% in New York. Illegal loans can be cancelled by a court.

As I mentioned before, this is something that you will want to take up with a lawyer of your own selection, either in your state or area or in a place where some of the pertinent events occurred.

Rod Kovel Attorney at Law 516-312-9900