Automobile Repossesion Question

[jsmith_98]

What is the name of your state? WI

My Wife had her vehicle repossesed last fall, and gmac was the finance company. They sent us a statement with the balance on it, after it was auctioned off, and now want us to pay the balance in full. First off, i have no idea about the laws in this case, so bare with me, but they got the vehicle back, why isnt my amount written off? i have nothing to show for the 7,000 they want from me. If this is the law, then i will just have to deal with it, but is there any good way then to settle this for less? can i get out of it all together? any and all info is appreciated!

Thanks

 

[I AM ALWAYS LIABLE]

What is the name of your state? WI

My Wife had her vehicle repossesed last fall, and gmac was the finance company. They sent us a statement with the balance on it, after it was auctioned off, and now want us to pay the balance in full. First off, i have no idea about the laws in this case, so bare with me, but they got the vehicle back, why isnt my amount written off? i have nothing to show for the 7,000 they want from me. If this is the law, then i will just have to deal with it, but is there any good way then to settle this for less? can i get out of it all together? any and all info is appreciated!

Thanks

My response:

Come back after you can tell us that you've read the entire Purchase contract, from start to finish, and the Loan Agreement, from start to finish.

Then we'll talk.

IAAL

 

[faithchris2]

Sadly they can if you let them. You can read the contract and learn about the laws and see what Truth in lending laws they broke. Try that first.