What is the name of your state? wa
This happened to my fiance: He decided to call the credit union he had his car loan through to ask them if they would consider lowering pymts since he was relocating to TX and the transition would be stressful as it is. The loan assistant he spoke to said sure and that she would send the appropriate paperwork to him that day. A couple of days later, however, the credit union repossessed his car! When he finally got through to his loan officer, he said "Well, we had to protect our interests and since you wouldn't have a job right away when you moved, we were afraid you'd skip pymts." (My fiance has NEVER missed a pymt in the year he's had the car or been late) Now, since he had his direct dep. going to his checking acct there and the loan pymt came out of this dep, they held his paycheck to pay back the difference of the repo. The car was sold for supposedly $9000.00 and the bank told him that he owed $17000.00!
My question is: How can they do this? People relocate all the time and for the credit union to basically say, well we dont think you'll get a job to pay the loan back is ridiculous! Does he have any legal ground here? Also shouldn't the bank be able to provide adequate paperwork to prove the car sold for so little? I mean $17000.00! Thats like paying for another car loan this time w/o the car! Pls help!
This happened to my fiance: He decided to call the credit union he had his car loan through to ask them if they would consider lowering pymts since he was relocating to TX and the transition would be stressful as it is. The loan assistant he spoke to said sure and that she would send the appropriate paperwork to him that day. A couple of days later, however, the credit union repossessed his car! When he finally got through to his loan officer, he said "Well, we had to protect our interests and since you wouldn't have a job right away when you moved, we were afraid you'd skip pymts." (My fiance has NEVER missed a pymt in the year he's had the car or been late) Now, since he had his direct dep. going to his checking acct there and the loan pymt came out of this dep, they held his paycheck to pay back the difference of the repo. The car was sold for supposedly $9000.00 and the bank told him that he owed $17000.00!
My question is: How can they do this? People relocate all the time and for the credit union to basically say, well we dont think you'll get a job to pay the loan back is ridiculous! Does he have any legal ground here? Also shouldn't the bank be able to provide adequate paperwork to prove the car sold for so little? I mean $17000.00! Thats like paying for another car loan this time w/o the car! Pls help!