What is the name of your state (only U.S. law)? California
Hello,
I defaulted on car loan payment ($564.00) had 5 months of payment left before I defaulted. Original lender was Capital One Finance Auto loan who charged off the debt and sold to Genco Recovery one year ago. Car was repossess and impounded on 3/16/11. I contacted Genco for a settlement amount in which I am awaiting. Genco informed me that they have not had anyone who defaulted with only 5 month left on their contract and the normal settlement amount would be the Kelly Blue Book value of the vehicle, 2001 BMW Z3. The KBB value is more then the default amount on my contract/loan. Is it legal for Genco to charge me more that the defaulted amount on the loan?
Hello,
I defaulted on car loan payment ($564.00) had 5 months of payment left before I defaulted. Original lender was Capital One Finance Auto loan who charged off the debt and sold to Genco Recovery one year ago. Car was repossess and impounded on 3/16/11. I contacted Genco for a settlement amount in which I am awaiting. Genco informed me that they have not had anyone who defaulted with only 5 month left on their contract and the normal settlement amount would be the Kelly Blue Book value of the vehicle, 2001 BMW Z3. The KBB value is more then the default amount on my contract/loan. Is it legal for Genco to charge me more that the defaulted amount on the loan?