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MY CAR GOT REPOED HELP!!!!!

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M

mattygirl

Guest
Our car was repoed a finacing company came and picked the car .We got a letter stating that if there was anything in the car that they would give us 30 days to pick up our belongings. If we did not pick them up with in that time they would throw them away. Also they also stated that there may be a amount owed on the car even if they picked the car up and they have it in there possession. They are claiming that there is a $3.000 dept owed balance on the car there claiming that my husbund had signed a contract stating that if the car has been repode that he woul still have to make monthly paymants untill the balance is 0.00. Can you give me some addvice on what to do about this. Im from Washington State. Thanks for your advice.
 


I AM ALWAYS LIABLE

Senior Member
mattygirl said:
Our car was repoed a finacing company came and picked the car .We got a letter stating that if there was anything in the car that they would give us 30 days to pick up our belongings. If we did not pick them up with in that time they would throw them away. Also they also stated that there may be a amount owed on the car even if they picked the car up and they have it in there possession. They are claiming that there is a $3.000 dept owed balance on the car there claiming that my husbund had signed a contract stating that if the car has been repode that he woul still have to make monthly paymants untill the balance is 0.00. Can you give me some addvice on what to do about this. Im from Washington State. Thanks for your advice.

My response:

I'm not sure what you're asking.

Are you asking about your personal belongings in the car, or are you talking about getting your car back ?

If you want your personal belongings, go get them. If you want the car back, pay the debt.

IAAL
 
M

mattygirl

Guest
help!

I AM ALWAYS LIABLE said:
mattygirl said:
Our car was repoed a finacing company came and picked the car .We got a letter stating that if there was anything in the car that they would give us 30 days to pick up our belongings. If we did not pick them up with in that time they would throw them away. Also they also stated that there may be a amount owed on the car even if they picked the car up and they have it in there possession. They are claiming that there is a $3.000 dept owed balance on the car there claiming that my husbund had signed a contract stating that if the car has been repode that he woul still have to make monthly paymants untill the balance is 0.00. Can you give me some addvice on what to do about this. Im from Washington State. Thanks for your advice.

My response:

I'm not sure what you're asking.

Are you asking about your personal belongings in the car, or are you talking about getting your car back ?

If you want your personal belongings, go get them. If you want the car back, pay the debt.

IAAL
No we don't want the car. The car has been repoed. There for why do we have to pay the remaining balance of the car when the car is in there possession?. Im from Washington State.
 

I AM ALWAYS LIABLE

Senior Member
My response:

Oh, now I understand what you're trying to say.

You're thinking that, "If they have the car, why should I pay any more money ?"

Well, it's really quite simple. You signed a contract.

All because your car was repossessed, doesn't cancel your obligation under the terms of the contract. You see, here's what's going to happen. Very soon, that car will go on the auction block and be sold for whatever they can get for the car. That amount will be, I guarantee you, less than what you still owe under the contract. Then, you're still going to be responsible for the difference between what they got for the car, and your remaining balance. That's called a "deficiency". Then, they will add towing fees, auction costs, attorney's fees, interest, court costs, etc. to what you owe.

Then, you're going to start getting letters and phone calls from Collection Agencies at all hours, then from Attorneys, and finally, you'll be sued in a court of law.

Then, after they obtain a judgment against you, they will bring you back to court for a "Debtor's Examination". Oh, those are always fun !!

Then, once they know where you work and where your assets are, they will have your wages garnished, your bank accounts emptied, and have other personal property, like other cars, televisions, your Stamp Collection, or whatever else, sold off to pay the debt.

By the time all is said and done, your debt will increase dramatically, and a judgment will last for years and years. The judgment will "dog you" no matter where you go, and wherever you work.

Your credit will . . . well, forget about your credit; that's a gonner.

IAAL
 
T

TimC

Guest
Assuming the car is worth LESS than you owed on it because you did not put up a very big downpayment, in all liklihood you are going to owe even more on the car than you do right now, and you will not have the car. That is just the way that the system works.
 

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