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  1. #1
    Join Date
    Aug 2011
    Posts
    2

    Question Repo Sale to the Same Used Car Lot that Sold Us the Car

    My question involves an auto loan or repossession in the State of: GA
    OK SO THE FINANCE COMPANY HAS TAKEN US TO COURT... SO LOOKING OVER THE PAPER WORK OF COURSE I COSIGNED FOR A 2004 INTREPID.. HERE IS MY QUESTION.. I SEEN ON THE PAPERWORK THAT THE LAWYER HAD WITH THE INFO OF WHO THEY SOLD THE CAR TOO.. AND IT WAS THE SAME PLACE THAT WE PURCHASED IT FROM AND THEY SOLD THE CAR TO THEM FOR ONLY $2000 WHICH THE CAR WAS $7000 AT THE TIME.. WE HAD THE CAR FOR ONLY A YEAR WHEN WE TOLD THEM TO COME GET PICK IT UP.. IS THAT LEGAL FOR THE FINANCE COMPANY TO RESALE THE CAR TO THE SAME CAR LOT WE BOUGHT IT FROM FOR THAT LOW PRICE?

  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Repo Sale to the Same Used Car Lot that Sold Us the Car

    If it is sold for less than the FMV you can argue in court that you are only liable for the deficiency on the difference between the loan balance and the FMV.

    However, $2000 seems to be a reasonable amount. What you paid for the car is immaterial. Running the numbers on 2004 Intrepids puts an average one at only about $1500 on the wholesale market.

    Car loans aren't some sort of rental. They expect you to pay off the full term. You're going to be burned both in value and in your credit rating if you just "turn it in."

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