Fees After Sale of Repossession

[lizzie086]

My question involves an auto loan or repossession in the State of: PA.

About two years ago my motorcycle was repossessed and sold. Now I got a letter in the mail saying they will take me to court and sue if I dont pay. The problem is the amount they say i owe is almost double what the loan was. They sold it after they repossessed it so shouldnt I only have to pay the deficiency? Are there other fees im unaware of? i dont know why it would be so high! Also, is there a payment plan? I want to pay of my debt but i cant pay the lump sum.

[OhMy]

My question involves an auto loan or repossession in the State of: PA.

About two years ago my motorcycle was repossessed and sold. Now I got a letter in the mail saying they will take me to court and sue if I dont pay. The problem is the amount they say i owe is almost double what the loan was. They sold it after they repossessed it so shouldnt I only have to pay the deficiency? Are there other fees im unaware of? i dont know why it would be so high! Also, is there a payment plan? I want to pay of my debt but i cant pay the lump sum.

This is the problem with a repo. It can only get worse over time.

They sell the motorcycle off for usually 25 to 30% of the value, they add on repo fees, storage fees, legal fees and lets not forget the interest over the years at the legal default rate.

You can ask for a breakdown of how they came to that amount and see what they present to you.

If they do sue you these cases are pretty much open and shut and the lenders almost always win so this is a good time to try and settle this.