Hi All, I'm new to posting in here, but not new to the board. I have been reading this material for some time. My question is that I had a vehicle repossesed by the OC, even though I paid on the vehicle over a year they still say that the balance I owe is $17000. I payed that amount for the vehicle. Well Now a Collection company has bought the contract, and they hound me everyday. I do not answer their calls. So my question is What are some suggestion that I can do. I'm considering filing BK.
That is bad , sorry to hear about the hassel your going to have to go through on this one.. First you need to contact the orginal bank you used for the loan, I would speak to the collections manager there.. and find out what the hell happened to the car, that was you turned in.. That car should have been auctioned off, and the amount they recieved should have been taken off the balance of the loan you owe.. Which does not sound like it happened.. That is a first step.. after that there are many things you can do.. But first is getting the amount right.. you actually owe on it..
Whoa..... you don't owe them crap. Go to WhyChat's site and read the repo laws for your state. In most states, if not all, when your auto gets repossesed you are entitled to get it back under certain conditions. From what you are telling us, you don't owe ANYONE ANYTHING because the OC broke the law. Maybe WhyChat will read this and explain it to you for the 5000th time I say that because if you read the cardreport forum, you'd see he answers these type of questions almost daily but never complains to us. Bless his heart. In FACT, in some states you can sue the OC for not doing the proper reposession. I know I read that in NY statutes. Most likely you'll be able to send the CA a cease and desist. If they sue you, you should easily prove the reposession was improper and state laws were not followed therefore you owe them nothing. If you get real happy, file a countersuit if you catch the CA on FDCPA violations.
