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Ok I live in Oklahoma...I'm in the crap whole of this repo as well...got a truck repoed...it was worth$31k...they sold it for $20k and some change....I got my income tax in last year....and decided to try and get another car....while I still was paying on the truck they sold. I didn't want payments because I was already paying on the truck...but 3 dealerships said the same thing to me and I brought it up to them that other dealerships said the same and they all agreed they said...not that they like to agree with other dealerships but they all said this"I don't owe them anything!!!" Why am I paying on it they said...they said stop...it's already been sold. After finally getting that threw my head...I bought a used car with payments...because I didn't need or have to pay on my repo truck anymore...well my truck got repossessed in 2011....about 3 days ago 7/27/13...or so....I get court papers saying im getting sued for almost $10,000!!!!!! TTowards the truck!!!
Please anyone anyone at all please help me with this. I honestly have no idea what to do I'm a parent of 3 and one is just now getting potty trained....I'm up s creak with no paddle..and a whole in my boat. Please anyone give some advice please contact me at email..or even text..or Facebook I don't care anyone please just help me. 15803418408 or Orionestrada@hotmail.com my name is Tarron Estrada.I live here in Oklahoma. I hope to hear from someone very soon.thank you
I was under the same impression that the dealers are, that they took it and sold it and your obligation to it is now over..but in googling "If my car is repossessed do I still owe?" one of the answers brought this (below, from http://www.nolo.com/legal-encycloped...ossession.html) so it looks like you might. Did they tell you the difference between what they sold it for and what the loan was for? In the future, research is your friend, dealers are not. I am sorry you're gong through this, and wish you the best. Try a legal forum, also.
The Repossession Sale
Although laws differ among states, generally, the lender must send you a notice that the property will be sold and must give the date, time, and location of the sale. The notice must also tell you whether you are liable for any deficiency and must provide a phone number where you can find out how much you still owe. You are entitled to attend the sale and bid. There are two kinds of sales: a public sale, which is open to anyone; or a private sale, to which the lender invites only certain people who it feels might be interested. A private sale can only be held if the item “is of a type customarily sold in a recognized market” or “is the subject of widely distributed standard price quotations.” Cars are frequently sold at private sales to which used car dealers and others who regularly buy repossessed cars are invited. If the notice doesn’t give you the date and location of the sale, call the lender and find out.
I am under the same impression that the dealers are, that they took it and sold it and your obligation to it is now over...if your home got sold in foreclosure, would you continue paying the mortgage? I owuld think not, but I'm not a lawyer. I would actually post this on a legal forum.
I had a car repo'd about 25 years ago, but I declared bankruptcy around the same time.
Key difference: you declared bankruptcy...which wiped out the left over debt owed on your repo'd car (and trashed your credit). The dealer will auction the vehicle they are forced to take back from you, but you are legally responsible for the difference between what they get and what you owed. Just because they get it back DOES NOT mean you can wipe your hands of the whole thing (unless you choose the bankruptcy route).
Ok I live in Oklahoma...I'm in the crap whole of this repo as well...got a truck repoed...it was worth$31k...they sold it for $20k and some change....I got my income tax in last year....and decided to try and get another car....while I still was paying on the truck they sold. I didn't want payments because I was already paying on the truck...but 3 dealerships said the same thing to me and I brought it up to them that other dealerships said the same and they all agreed they said...not that they like to agree with other dealerships but they all said this"I don't owe them anything!!!" Why am I paying on it they said...they said stop...it's already been sold. After finally getting that threw my head...I bought a used car with payments...because I didn't need or have to pay on my repo truck anymore...well my truck got repossessed in 2011....about 3 days ago 7/27/13...or so....I get court papers saying im getting sued for almost $10,000!!!!!! TTowards the truck!!!
Please anyone anyone at all please help me with this. I honestly have no idea what to do I'm a parent of 3 and one is just now getting potty trained....I'm up s creak with no paddle..and a whole in my boat. Please anyone give some advice please contact me at email..or even text..or Facebook I don't care anyone please just help me. 15803418408 or Orionestrada@hotmail.com my name is Tarron Estrada.I live here in Oklahoma. I hope to hear from someone very soon.thank you
lol.
My first thought was to get off the internet and stop paying high cell phone fees. You might be able to afford the things that matter, like transportation to and from work.
And "hole" is spelled............"hole". Not "whole".
Ok I live in Oklahoma...I'm in the crap whole of this repo as well...got a truck repoed...it was worth$31k...they sold it for $20k and some change....I got my income tax in last year....and decided to try and get another car....while I still was paying on the truck they sold. I didn't want payments because I was already paying on the truck...but 3 dealerships said the same thing to me and I brought it up to them that other dealerships said the same and they all agreed they said...not that they like to agree with other dealerships but they all said this"I don't owe them anything!!!" Why am I paying on it they said...they said stop...it's already been sold. After finally getting that threw my head...I bought a used car with payments...because I didn't need or have to pay on my repo truck anymore...well my truck got repossessed in 2011....about 3 days ago 7/27/13...or so....I get court papers saying im getting sued for almost $10,000!!!!!! TTowards the truck!!!
Please anyone anyone at all please help me with this. I honestly have no idea what to do I'm a parent of 3 and one is just now getting potty trained....I'm up s creak with no paddle..and a whole in my boat. Please anyone give some advice please contact me at email..I don't care anyone please just help me. live here in Oklahoma. I hope to hear from someone very soon.thank you
First, assuming this post is for real, never ever EVER put your personal contact info in a public Internet forum. No one who calls you or emails you is going to be doing so to try and help you. I removed it from the quote above so the mod who comes and cleans this up wont have to pick it out of this post too.
Now, can you afford an attorney? Or get legal aid? If so, do it NOW.
You could try to contact the banks attorney yourself and see if you could settle before this goes to trial. But you really should get a lawyer to do that for you if you can. If you're not careful you could make matters worse.
As a last resort, if your financial situation is dire enough, you could consider bankruptcy. Seek a consultation with a qualified bankruptcy attorney. That last recommendation is likely to spur some replies about how BK will destroy your credit. It's already ruined, and the deficiency judgment that will happen if you do nothing will make it worse.
If you do go the BK route, use it as its intended...as a fresh start. Manage your finances responsibly and your life will improve financially and from a credit perspective over time.
Ok I live in Oklahoma...I'm in the crap whole of this repo as well...got a truck repoed...it was worth$31k...they sold it for $20k and some change....I got my income tax in last year....and decided to try and get another car....while I still was paying on the truck they sold. I didn't want payments because I was already paying on the truck...but 3 dealerships said the same thing to me and I brought it up to them that other dealerships said the same and they all agreed they said...not that they like to agree with other dealerships but they all said this"I don't owe them anything!!!" Why am I paying on it they said...they said stop...it's already been sold. After finally getting that threw my head...I bought a used car with payments...because I didn't need or have to pay on my repo truck anymore...well my truck got repossessed in 2011....about 3 days ago 7/27/13...or so....I get court papers saying im getting sued for almost $10,000!!!!!! TTowards the truck!!!
Please anyone anyone at all please help me with this. I honestly have no idea what to do I'm a parent of 3 and one is just now getting potty trained....I'm up s creak with no paddle..and a whole in my boat. Please anyone give some advice please contact me at email..or even text..or Facebook I don't care anyone please just help me. 15803418408 or Orionestrada@hotmail.com my name is Tarron Estrada.I live here in Oklahoma. I hope to hear from someone very soon.thank you
Ok, here is some advice on what to do, you've probably had enough of people telling you how to not do this again and right now that is worth spit, it doesn't answer your question.
You're getting sued and that deserves your immediate attention, as in right now, today or tomorrow at the latest. Given the amount, you are not going to small claims, they have hired an attorney but check according to the laws in your state. More likely though, it is not small claims. If you do not have an attorney, get one. If you don't have the money for one, start contacting the legal aid services where you live. You can also contact the BAR Association or consumer affairs agency in your state and ask them for a referral to low cost/no cost legal assistance agencies. Do that today or tomorrow!
In the meantime, do not talk to any lawyer or any representative of the people or company suing you. Do not sign any agreements they offer you, do not make any payments to them for any reason. Do not take their calls. Once you are represented, if you get a phone call or letter, give that to your attorney and if it is a call, tell the person calling you that you are represented, give them your attorney's contact info and do not talk to them further. The less you say to anyone suing you, the better for right now.
After you get an attorney, relax for a bit, let your attorney handle things. That does not mean go out and buy a steak dinner and hit the casino. It means take hold of where you are and where you want to be after this is over.
Take an accounting of your complete financial situation, your attorney will need to know. Remember, your attorney isn't going to pass judgment on you, they are there to represent you and get you in the most favorable position possible. Do not fudge or lie to your attorney, it won't help but will make things worse for you. Do not withhold information from them.
Then go about finding someone who can help you manage your finances such that they are, there are low cost/free services that can help you. Many state governments have agencies that can help. You can also ask your attorney for this information, they should know some resources. Do not sit around waiting for whatever happens next, get involved in your personal finance management.
A 10k debt is not the end of the world although right now it probably seems overwhelming. You can end up in a decent situation if you cat quickly and get representation. If you do nothing, the court date will come around and you will be the shaft if you don't have an attorney. No one on the other side cares about you no matter what they say. They can and will say almost anything to extract whatever money they can. If they threaten you in any way (make sure you know what a threat is) tell your attorney.
Start documenting every contact you have with anyone regarding the debt. That means every phone call, every conversation and things you think of or about.
If you have a job, pay attention to that job. Do not let your other personal affairs fall into disrepair. Do not take this out on people you trust, your friends or others close to you. Do not bad mouth the people coming after you for the money, the less you say the better.
Stop putting money into the bank such as a savings account but speak to your attorney, they will probably mention this to you.
You will be okay. Then when this is over, make sure you are already taking steps to make sure this doesn't happen again. The come back and read some of the posts about staying out of messes like this. You might end up getting a chance this time but after that chances come around fewer and farther between.
Above all, this is not the end of anything, just a chapter. Make sure though the next one doesn't read like this one. You will be okay.
I wasn't expecting to have to pay for the truck is what I was getting at. And I could easily afford my car payment now...but having to have this unexpected truck payment when I was told I wouldn't have to.....this is my problem.I got laid off at my old job I was there 5 1/2 years....and they let go of a lot of people because they where over staffed.I couldn't afford my truck after that and my kids. I had to let the truck go back.I have a better paying job now...just not able to afford a truck payment and my car payment
and rent and what not. I mentioned my kids because I don't want them to suffer....I can afford my car payment....but this unexpected truck payment is my concern. I don't want to have to pay back that truck since they sold it already. What duo I owe them?? They sold it for 20k...I've paid 10k on it before it was repoed ....out I was only worth $31k....What do I owe them!???
I wasn't expecting to have to pay for the truck is what I was getting at. And I could easily afford my car payment now...but having to have this unexpected truck payment when I was told I wouldn't have to.....this is my problem.I got laid off at my old job I was there 5 1/2 years....and they let go of a lot of people because they where over staffed.I couldn't afford my truck after that and my kids. I had to let the truck go back.I have a better paying job now...just not able to afford a truck payment and my car payment
and rent and what not. I mentioned my kids because I don't want them to suffer....I can afford my car payment....but this unexpected truck payment is my concern. I don't want to have to pay back that truck since they sold it already. What duo I owe them?? They sold it for 20k...I've paid 10k on it before it was repoed ....out I was only worth $31k....What do I owe them!???
Read what Mack and I wrote you. We gave you similar advice, but Mack's reply was much more detailed. (Reps to you Mack). How you got into this is less important than how you resolve it. You need legal advice. Seek it out ASAP.
Key difference: you declared bankruptcy...which wiped out the left over debt owed on your repo'd car (and trashed your credit). The dealer will auction the vehicle they are forced to take back from you, but you are legally responsible for the difference between what they get and what you owed. Just because they get it back DOES NOT mean you can wipe your hands of the whole thing (unless you choose the bankruptcy route).
Yes, I realize that, thus the edited post I made, above. You must have grabbed my post and held it, not sure, because I edited it not more than 5 minutes after I posted it.
My first thought was to get off the internet and stop paying high cell phone fees. You might be able to afford the things that matter, like transportation to and from work.
And "hole" is spelled............"hole". Not "whole".
What would you have people do? Act responsibly?? Why?It's easier to not pay your bills and whine.
the bank may sell the debt to a debt collector you can write a cease and desist letter to a debt collector and have them stop contacting you. It might be years down the road before the debt collector even contacts you. They only have so long to sue you depending on your state and it can only stay on your credit report for 7 years. But if you start a payment plan with a debt collector the clock resets on how long they have to sue you or how long the debt can stay on your credit.
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What would you have people do? Act responsibly?? Why?It's easier to not pay your bills and whine.
