I had a vehicle repossessed for the second time in a year. The creditor wants full purchase price for the vehicle & will not allow me to make up the missed payments & says it will be sold. They say it will go to auction if I don't pay off the total and whatever they don't get they will sue me for.
The amount owed id $9,000 but the blue book is about $5,000. Chances are slim they will get that!
Do I have any other options?
Can/do they sue people typically for balance?
Can I get this referred to a third party some how?
Any suggestions would be welcome.
Thank you for your time.
1 Answer from Attorneys
Re: Vehicle Repossession
Creditors do typical sue for a deficiency balance. Often times there is a technical error in the post repossession process, which can relieve you from all or some of your potential liability. Make sure you save all notices the creditor sends you as these could contain critical evidence that may save you from liability later on. But even if there are no technical errors commited by the creditor, you may still have the option of bankruptcy.