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  1. #1

    Default Billed for a Deficiency After My Car Was Repossessed and Sold

    My question involves business law in the state of:

    I had my car repossessed and they sold it saying I had a remaining balance of 5300 and now they are sueing me for the difference do I having any rights

  2. #2
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    Default Re: Billed for a Deficiency After My Car Was Repossessed and Sold

    You failed to follow the instruction to identify your state. I suggest researching the repossession laws of your state, to be sure that you received proper notice of the sale. If notice was not proper that is likely a defense to a deficiency.

    If you failed to make your payments on time, failed to reinstate your loan, failed to recover the car after it was repossessed, and allowed the car to be sold with the lender conducting a legally proper sale with proper notice given to you, and the deficiency is accurately calculated under your state's laws, then you have the right to pay the money that you owe. If your debt load is high enough, you can consider bankruptcy.

  3. #3

    Default Re: Billed for a Deficiency After My Car Was Repossessed and Sold

    In some states you can argue that since they sold the car they broke the contract and you have no obligation to them. Also how long has it been. There are statutes of limitations for them to file.

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