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I Made a Payment And The Bank Took My Car and Sold It. – Mary

“Dear Steve,

I hope you can help. About 2 yrs. ago my car was repossed by the bank i had made a 1/2 payment the teller said it was ok . the next day my car was gone? They auctioned off my car and sent me a huge bill ? the car was half paid off.I obtained a attorney in hopes of a settlement which they turned down. I have been making payments for a yr and getting nowhere. they have charged me their attorney fees, interest at 586.00 filing fees etc. my attorney acts like he is working more for the bank than me? What can i do to get out of this mess??it was not fair on the banks part, they never called me or sent me any mail so i could have taken care of this before the repo. whits end..thank you.

how can i get out of this i am paying 50.00 a month and getting nowhere should the bal be frozen . help

Mary”

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The Answer

Dear Mary,

The issue appears to be you were in default on your car note. It appears you brought up half the deficiency but failed to bring the note current. If that is the case the car may have been repossessed under the previous default notice.

If they never notified you that you were delinquent on your payments then that is a different matter. A lender is not required to give you notice of a specific time they intend to repossess your vehicle.

If a vehicle is repossessed it will be sold at auction and you will be responsible for the difference between the auction sales price and the remaining loan amount plus fees.

Can you tell me more about the situation? Were you behind and did they mail you any notice you were behind or a monthly statement showing you were behind?

Post your answer in the comments section below.

Big Hug!

I Made a Payment And The Bank Took My Car and Sold It.   Mary
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Steve Rhode

    I responded yo your other comment already. You can file bankruptcy but the first step is to find a local bankruptcy attorney and go talk to them. They will then be able to give you specific advice based on your situation and the state you live in.

  • mary

    dear steve i am still waiting for your reply? I sent you more info…also is it possible for me to file bankruptcy with this…thank you mary did not default

  • mary

    dear steve i am still waiting for your reply? I sent you more info…also is it possible for me to file bankruptcy with this…thank you mary did not default

    • http://GetOutOfDebt.org Steve Rhode

      I responded yo your other comment already. You can file bankruptcy but the first step is to find a local bankruptcy attorney and go talk to them. They will then be able to give you specific advice based on your situation and the state you live in.

  • Steve Rhode

    I can see how it all unfolded. Since your father was the primary responsible party they reached out to him. It’s water under the bridge at this point but if you have any more cosigned loans you should notify the lender and provide them with a copy of the death certificate.

    The clerk has no idea or authority to make any dependable statement about the status of the collection activity so I’m not surprised she gave you that answer and it turned out to be wrong.

    Why didn’t your mom tell you she talked to them?

    At the end of the day the payment you made will reduce the amount you will owe following the auction. Your choices are to now negotiate with the bank to get the car back or to make payments on the deficiency judgment coming following the auction.

    It sounds like your mother may have been going through a difficult time and ignored the calls and letters on this issue.

  • mary hamilton

    ok here is what happened my dad cosigned on the note. He  died and they sent all correspondence to him even after i called to give them my address and current phone number. I never received any of the mail? the girl at the bank never said anything except she thought everything was ok. and to make a larger payment the next month? a day later they took the car said i had to pay it in full in order to get it back? I may have a chance in aug. to settle but this is so sad i worked hard to make payments on time traded in another car for that one so there was alot of equity.anymore that you need? They wanted to settle but my attorney called my mom and not me said he couldn’t reach me and then it was dropped. attorney told me i could sue them but did not want to go to the time and expense of fighting a bank even though i think what they did is criminal…Mary

  • mary hamilton

    ok here is what happened my dad cosigned on the note. He  died and they sent all correspondence to him even after i called to give them my address and current phone number. I never received any of the mail? the girl at the bank never said anything except she thought everything was ok. and to make a larger payment the next month? a day later they took the car said i had to pay it in full in order to get it back? I may have a chance in aug. to settle but this is so sad i worked hard to make payments on time traded in another car for that one so there was alot of equity.anymore that you need? They wanted to settle but my attorney called my mom and not me said he couldn’t reach me and then it was dropped. attorney told me i could sue them but did not want to go to the time and expense of fighting a bank even though i think what they did is criminal…Mary

    • http://GetOutOfDebt.org Steve Rhode

      I can see how it all unfolded. Since your father was the primary responsible party they reached out to him. It’s water under the bridge at this point but if you have any more cosigned loans you should notify the lender and provide them with a copy of the death certificate.

      The clerk has no idea or authority to make any dependable statement about the status of the collection activity so I’m not surprised she gave you that answer and it turned out to be wrong.

      Why didn’t your mom tell you she talked to them?

      At the end of the day the payment you made will reduce the amount you will owe following the auction. Your choices are to now negotiate with the bank to get the car back or to make payments on the deficiency judgment coming following the auction.

      It sounds like your mother may have been going through a difficult time and ignored the calls and letters on this issue.

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