Outlook on my Reposession?

2six · #1 05-08-2006, 01:12 AM

I am currently in a dispute with the bank over my repossessed then sold car. My first questions is if there was about $800 in stero equipment in the car at the time of reposession is it possible to get that much taken off of the amount I owe the bank? The other question is if the cosigner didn't return a notice to the bank are they automatically at fault? Any help would be great. Thanks

Anyone? Sorry if this is in the wrong section

Mr. Knowitall · #2 05-09-2006, 08:04 AM

Quoting 2six

My first questions is if there was about $800 in stero equipment in the car at the time of reposession is it possible to get that much taken off of the amount I owe the bank?

Don't count on it. First, the fact that you paid $800 for stereo equipment doesn't mean that it had that value as used equipment. Second, assuming the car was sold at auction, the value of the car with the equipment installed would ostensibly have been established by the price received through the auction.

Quoting 2six

The other question is if the cosigner didn't return a notice to the bank are they automatically at fault?

Can you explain what you mean?

2six · #3 05-09-2006, 03:03 PM

When the court sent out notices that the cosigner and myself had to return a written motion or answer to the clerk of court in 20 days and if I do not judgement by default may be rendered against for the relief in the petition. I received a letter about a week ago with my court date and it said that the cosigner didn't return their notice.

aaron · #4 05-09-2006, 04:44 PM

That shouldn't affect your ability to appear and defend.

Truceker · #5 06-10-2006, 12:30 PM

Quoting 2six

I am currently in a dispute with the bank over my repossessed then sold car. My first questions is if there was about $800 in stero equipment in the car at the time of reposession is it possible to get that much taken off of the amount I owe the bank? The other question is if the cosigner didn't return a notice to the bank are they automatically at fault? Any help would be great. Thanks

Anyone? Sorry if this is in the wrong section

First of all, any equipment, tires, stereos, or other improvements, once affixed to the vehicle are considered part of the vehicle.

Secondly, I am presuming this was a non-judicial repossession and there was a default in the contract. No notice is required prior to repossession.