After losing my job in 2004, I went through a voluntary repossession [South Carolina]. Although I was only about 45 days late, the creditor called me daily. I simply got tired of the harassment and told them to come get it. I cleaned out the vehicle, removed the plate and about 2 weeks later a tow truck showed up and took the vehicle [98 Chevy Silverado]. The vehicle was sold at auction and I received a letter from the creditor that basically stated that the vehicle sale satisfied the loan and have not heard a word from the creditor since.
About 6-8 months ago I started receiving mail and phone calls from a company attempting to collect on this loan - they state I owe over $6000. Again, creditor sold the vehicle at auction, sale satisfied loan and creditor charge off $4000.
End of last week I spoke to someone at this 'debt collection' company and explained that the collateral was sold at auction, the sale satisfied the debt and that I no longer owed. I was told that the sale at auction did not matter and that I still owed on the loan and that I should 'be a man and pay the debt.'
What are my rights in this case? It has been nearly 4 years since the voluntary repossession. If the vehicle was sold at auction for enough to satisfy the debt, how can anyone collect? Even if the vehicle sold for half of the $4000 that was left on the loan, I would have only owed $2000 and would think that the creditor would have contacted me directly and not have waited almost 4 years to hire a collection company.
I also can't understand how the creditor can sell the vehicle for enough to satisfy the loan then 'charge' it off as bad debt.
Thank you!
Michael

