Sued for 24,000 after a repo what can I do? 5 steps to take now

[@betterthanemril988]

People who say “file bankruptcy” make me laugh because if I had the money to file bankruptcy I probably would’ve had the money to make the payments on the loan 😂

[@krissifadwa]

Yeah, it's like what's the use for filing bankruptcy at that point. But that's America for you.

[@iamerikka9774]

You can many times have the lawyer fee included in the bankruptcy so he gets paid off the top, just not out of your pocket. Im in NJ.

[@pinkconfidantp2me912]

My car got repossessed i had already paid over 13,000 on it and its only worth 10,000 someone bought it for 7,000 the bank got more than what they should have, haaaa

[@bregietortiz3499]

So I got in car accident got t-boned. But was a hit and run. My car was towed away by a company. Couple weeks later my car today was repossessed after still making payments on time. What can I do or what can happen

[@nmajors27]

Super helpful!

[@johngwatts]

Let me know if any other questions thanks!

[@artsolo5389]

Behind over 18 months on car payment. No idea why they never repoed. But bank finally emailed me saying it’s up for repossession but that I have “options.” So I call them. They say I can start making payments again and keep the vehicle. Seems fishy and I don’t want to make payments just to have them repo it anyway. Any thoughts?

[@mohammedmiah7076]

I called your office for Luisiana Client. I couldn’t reach you and rep took the phone number but didn’t hear from your office

[@hazelray4345]

What if theres a case on the car company how can I get it off my credit and my car is listed on the suit. And i turned in the car

[@lonestar2107]

Do you happen to know a good lawyer in san antonio texas have 2 repossessed semi trucks and its confusing the way they are handling it its still with the original lender

[@dubmatic7011]

Damn, Im in the same boat myself now what ended up happening.

[@lonestar2107]

I was unable to get any good advice. I had to file chapter 13 bankruptcy and took the blow and start all over ​@dubmatic7011

[@kurtishundred]

My debt isn’t even showing on my credit report

[@ElWisdom]

If it's not showing then you don't owe unless you have a contract with them and then they would have to give you the car if you aren't behind in payments

[@alphamasterjames1667]

Another great video John

[@johngwatts]

Thanks -- definitely let me know any ideas/suggestions for other videos. I don't get too many opportunities to make videos but when I do I try to bang them out. :) Why I'm wearing the same shirt every time -- I do them all at once. haha

[@UpInSmoke_420]

Myy car got repoed and now they are garnishing my checks. So my question is, why are they charging me $10,000 when they sold my car for $4000 at auction. We owed $10,000 on the car.

[@initiald22]

You owe the difference. They tack on fees and a bunch of other stuff like towing, storage and etc. Example: You owe 10k. The dealer sells your car for 4K. You now owe 6k but they add fees and etc for 4K. Now your back at 10k.

[@UpInSmoke_420]

@@initiald22 Thanks for the info. Should i ask the dealership how long my car was on the lot until sold? Maybe a print out of all charges

[@jayday9138]

How long did it take for them to garnish your checks ? From the time you got the car

[@UpInSmoke_420]

About 6 months or so.

[@scottr2706]

@@UpInSmoke_420 What you owe on a repossession is not influenced by what e dealer gets from selling the vehicle. What impacts what you owe is what the finance company got from selling the vehicle, most likely at auction, to the dealer. This is why a repossession is often very costly to the debtor. Dealers know the financing company wants to get rid of the vehicle so they will offer to buy the vehicle at auction for the lowest amount possible. Often that amount bears no relationship to what the vehicle is actually worth.

[@nmajors27]

Super helpful!

[@nmajors27]

I was served yesterday for $10,000 on a repossession that took place just days before the covid protection restrictions went into place and had not heard from the creditor at all since the repo and my credit report reflects a balance of $0 on that account. I’ve put in so much work into cleaning up my credit report and fixing my credit and then this happened. I’m almost at a 700 and don’t want to ruin that or ruin being able to buy a house because of this.

[@johngwatts]

Glad to hear it!

[@johngwatts]

OK so let's think this through. Is it the same company who had the loan when the repo happened that is suing you? Likely it is not as it sounds like the car company has a zero balance. Likely it says "transferred to another lender" or something like that on your credit report. So now a company like Autovest or Cascade Capital is suing you? This will be a supposed "debt buyer" so that's one line of defense -- does the debt buyer really own the debt. Then was the repo done correctly -- or did they breach the peace. Then was the proper letter after the repo sent and then the deficiency letter sent after the sale? You definitely want to get with a lawyer in your state -- www.consumeradvocates.org/find-an-attorney -- to help you look at all of this and more. Make sure you don't let your time to respond run out -- in Alabama for example you have 14 days for small claims/district court and 30 days for circuit court. Every state has its own rules so check yours. Best wishes John