Latest Posts
Home > Ask The Get Out of Debt Experts > Farmers National Bank Took Our Truck. – Crystal

Farmers National Bank Took Our Truck. – Crystal

“Dear Steve,

We received a letter from our bank stating that we are late in making our payments we were three months behind the letter stated that if we paid the amount due of $1319.63 by the last day for payment which was 11-08-2012 that we may continue with the contract as though were not late The bank sent a towing company to our house on October 25 of 2012 to take the truck. I the towing company my letter stating that I had until 11

What can we do since they took it even though I had a letter stating I had until that date? They did not call us like they said they would and the truck was worth way more than 1800.

Crystal”

Farmers National Bank Took Our Truck.   Crystal

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

Farmers National Bank Took Our Truck.   Crystal

Dear Crystal,

If the bank gave you till November 8, 2012 but repossessed the truck on October 25, 2012 that still gave you a couple of weeks to make the payment and get the truck back.

Did the bank refuse to give you the truck back and continue the contract as they stated when you went to make the $1,319 payment before November 8? Or did you not make any further payments after they repossessed the truck?

To me the fact they took your truck before the date does not indicate they would not honor their offer. It means they took possession of the delinquent collateral which they had a lien against.

As far as the $1,800 purchase price it is not uncommon for the low prices following a repossession.

The price a dealer will pay at a wholesale auction is significantly different that a private party transaction. At one of these auctions the vehicles can go for a bottom price if there is not much bidding on the vehicle.

You will now be responsible for the difference of the loan balance and the sales price. I would expect the bank to come after you for the deficiency.

If you are unable to repay that amount you might want to click here to find a local bankruptcy attorney and talk to them about your situation.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Farmers National Bank Took Our Truck.   Crystal
Get Out of Debt Guy – Twitter, G+, Facebook

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Farmers National Bank Took Our Truck. - Crystal by

Share This and Spread the Word

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.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.