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Repo Laws

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J-n-McK'sMOM

Junior Member
KentuckyWhat is the name of your state?Kentucky
Due to my husband being laid off from work, we had a car repoed back in October. A couple months later the car was sold at auction and it only brought a small amount of money. After the repo fees were added on the balance was $50.00 more than what I originally owed at the time of repossession! I worked ouy a payment arrangement with the finance company to pay a lower monthly payment over the next 3 yrs. til the balance was paid off. I did this for a couple months but it just seems nearly impossible to keep doing this and pay my house payment considering we aren't anymore financially stable than we were 9 months ago. I am now 3 weeks behind on the payment and I spoke to a rep from the finance company today about this. He says they will not lower the payment and that if I can't pay the payment they're asking for or the balance in full they will have to turn it over to a collections agency or an attorney to take further actions. I guess it doesn't matter that from 2000 - 2004 I paid them a total of about $8,500.00 which was more than the car was actually worth! What CAN they do? Can they sue me for the balance? I really don't want to have to file bankruptcy!
 



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