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  1. #1
    Join Date
    Aug 2008
    Posts
    3

    Exclamation Interest on Balance After Repo

    My question involves an auto loan or repossession in the State of: Texas
    I had a voluntary repo in June of 2005. The lender has since tried to collect the amount from me and has gone through several collection agencies. My balance after sale of the vehicle was $8,100. I paid too much for the car from the get go, but that is beside the point. I received a letter in December of 2007 that my balance was $12,547 and today, (8-19-08), I received a letter from a lawyers office on behalf of the collection agency stating that my balance is $24,443.62 !!! That is outrageous!! Can they continue to add interest at a rate as such? I didn't think that they could add interest at all once a car has been disposed of. What is my recourse, because there's no way I'm paying that much money for a 1998 Chevrolet Blazer!

    Also, I have never returned any of the collection calls, but if I send them a letter disputing this amount with paperwork to prove it, will that be an admission of the entire debt and allow them to sue me?

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