I was layed off in October of 2001. I thought I had worked out a deal with the lender to pay for my car. Then suddenly it was repoed. I was never informed when it would be sold or anything. I think it sold for way under a fair price. The lender sent me a letter a few days ago saying that I owed 8000 dollars on it. They then said if I would just pay 1500 dollars within 30 days that the debt would be settled. I still do not have a job so I can not pay the money. Do they always settle so quickly and for so much less. I think that they have done something wrong and dont want to fight me on the situation. That way if I just give them 1500 dollars it is over with. What are the laws on how they have to go about the Repo. What should I do.
I might get jumped on for saying this but here goes: You owe $8000 and they want to settle for $1500! Beg, borrow, or steal $1500 and then tell them you want total deletion. I know deletion usually comes with full payment but if they did something wrong maybe they will delete for the settlement amount.
There was another Texas repo somewhere,. Texas repo law favors the consumer, if I recall. Go check out http://www.lawdog.com - select your state, then automobiles and reporsessions, then the red button in the upper right hand corner that says "repossessions" and it will outline TX laws.
hmmmm IIRC when a friend of mine back in Dallas had this happens to her, she got notified of the sale. The bank sent ger a regular mail letter, a certified letter AND a FedEx overnight air letter the day after the car was repo-ed telling her she had 30 days before they sold her Rav4. When she called the bank to make arrangements, she asked why the overkill on the letters. The bank rep said something about the law (TX) requiring a creditor to duly notify the debtor of intent to sell the property or the bank could get screwed big time by the state AG. Something about holdover laws from the days of the oil busts when big banks swooped in and took people's property/homes etc. They aren't very forgiving of big banks out there.
