My question involves an auto loan or repossession in the State of: SC. I had an independent used car dealership several years back ~(2007-2009). I had a floor plan line with a company, who eventually repossessed the cars that I had when I defaulted on the line. Part of the line was for retail sales (borrow the money to purchase the car, sell the car, and then pay back the full amount), and part of the line was for financing/leasing (borrow the money to purchase the car, lease the car to a customer, and then pay back the balance as lease payments are collected). When my dealership closed, I had several retail vehicles and several lease vehicles outstanding. The retail units were repossessed and sold. On the leased units, all of the contracts were turned over to the floor plan company, and they began collecting the payments. Some of the vehicles were repossessed if customers stopped paying, and others were left until the customers paid them off.
Well, back in ~2009, the floor plan company filed and got a judgment against me for the whole balance of the line plus fees, repossessing charges, etc. ~$120K in total. I heard nothing from them for several years, but they were recently (2014) bought out or merged with another company, and the collections department started calling me, trying to collect on this balance and judgment. However, during the course of time since I defaulted, they collected funds from the sale of the retail vehicles; they collected funds from the customers who made payments to them on the leases; and they collected funds from the sale of repossessed leased vehicles. When I finally got to speak to a manager at their collections office, I confronted them on these issues and asked that they produce the statement of accounts showing what I owed and how that balance was accrued. They only produced the records showing the original balances at the time of default, and the summary of charges they incurred for repossessing the vehicles (towing, service charges, etc.). This is what added up to the judgment amount. They refused to provide any data on the funds they collected from the sale of these vehicles, or from customer payments.
In my estimates, (using a rough condition wholesale value of the vehicles that were repossessed and sold at auction, and on the fact that on the leased vehicles , the majority of the ~20 vehicles were at least half paid off at the time of the default), there should not be any balance remaining. In fact, there should be a credit in the neighborhood of $40,000 or so. When I confronted them with these estimates, and again demanded a statement of accounts, they refused, and began ignoring my calls and inquiries.
This judgment remains on my credit report, and I want it corrected and removed. I also think that I should be entitled to any funds that were collected in excess of the sum of the default amounts, fees, etc. Can anyone here provide me with some direction on how I can pursue this any further? Thanks.