What is the name of your state (only U.S. law)? FL
We had a truck, financed and owned originally in CT thru a CT credit union. We let it get repoed due to financial difficulties. We got notice today it was sold.
However, the $ amount was really low. So I looked, and according to CT law, it was definitely sold for less than fair market value, but they are claiming the difference between the loan value and the sale value. And, they didn't provide notice to us of the sale prior to it being sold.
If they didn't provide notice of the sale, can they still collect the deficiency? And if they can still collect, how do I argue the dollar amount with them? (Fair market value is $11k, they sold it for $7K, original loan was for $28K but ballance was $21K) I'm not even sure which laws apply here- CT (because the bank and title were issued in CT) or FL, because we live in FL now.
We had a truck, financed and owned originally in CT thru a CT credit union. We let it get repoed due to financial difficulties. We got notice today it was sold.
However, the $ amount was really low. So I looked, and according to CT law, it was definitely sold for less than fair market value, but they are claiming the difference between the loan value and the sale value. And, they didn't provide notice to us of the sale prior to it being sold.
If they didn't provide notice of the sale, can they still collect the deficiency? And if they can still collect, how do I argue the dollar amount with them? (Fair market value is $11k, they sold it for $7K, original loan was for $28K but ballance was $21K) I'm not even sure which laws apply here- CT (because the bank and title were issued in CT) or FL, because we live in FL now.