Repoed

[PinkeyB1014]

Lynda , Michigan

My Husband Bought a 2002 F150 Supercab truck from a used car dealer . I wasn't with him at the time , but they really got him good . With the trade in of his old truck , which we still owed about $3,000 , the total price of the truck was $22,000 . We were paying $450. a month for 2 and 1/2 years til we couldn't make the payments any more . Wells Fargo repoed it . They claim they auctioned the $15,000. truck for $3,000. Now they want us to pay the balance of $12,000. A friend told me Michigan Law say if they don't Aution the truck for a decent price , we wouldn't have to pay the balance .They also put insurance on the truck with out us knowing it . We had our own insurance on the truck . The insurance is now saying we owe them over $1,000 .

[xylene]

Originally Posted by PinkeyB1014

Lynda , Michigan

My Husband Bought a 2002 F150 Supercab truck from a used car dealer . I wasn't with him at the time , but they really got him good . With the trade in of his old truck , which we still owed about $3,000 , the total price of the truck was $22,000 . We were paying $450. a month for 2 and 1/2 years til we couldn't make the payments any more . Wells Fargo repoed it . They claim they auctioned the $15,000. truck for $3,000. Now they want us to pay the balance of $12,000. A friend told me Michigan Law say if they don't Aution the truck for a decent price , we wouldn't have to pay the balance .They also put insurance on the truck with out us knowing it . We had our own insurance on the truck . The insurance is now saying we owe them over $1,000 .

You are confusing the amount remaining on the loan (15k) with the value of the truck.

My quick review of the materials suggest this truck was worth about 7 grand.

You owe the balance of the LOAN minus the auction sale, plus costs and fees which of course includes insurance.

Basically what they say you owe.

[Zigner]

Did you have FULL insurance, or merely liability?

[PinkeyB1014]

We had Full Insurance on the 2002 F150 Truck .